Libya 's oil giant, OiLibya, has formally entered the Kenyan market with a rebranding of the Mobil outlets that it took over after buying out the American firm last year, petrolplaza.com reports.
The takeover of the Mobil business gave the Libyan firm a head start in the battle for market share placing it among the top five with 7.33 per cent of the market.
OiLibya has on the cards an ambitious expansion plan whose goal is to enable it gain control of a double digit share of the market in the next five years.
Key to this drive will be competitive pricing that is expected to break the cartel-like behaviour that has persisted in the petroleum retail market over the past five years despite the entry of a large number of independents.
Mr Kamel Jarnaz, the managing director of OilLibya, is quoted saying, that being of African Origin had facilitated the smooth entry of the company into the highly competitive market.
Mr George Wachira, the chief executive of the Petroleum Institute of East Africa (PIEA) - the oil marketers' lobby - reckons that the entry of the new player that is famous for low operation costs promises consumers better pricing.
The Libyan firm took over the Mobil business in Kenya last December, making its debut in petroleum distribution and marketing business after signing an agreement with ExxonMobil Corporation. Under the agreement, Tamoil Africa Holdings Limited (TAHL) acquired Mobil's business and all its assets, including the entire network of 64 retail service stations.
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