GP Global, an energy-to-agriculture conglomerate, has acquired Nigeria-based Grand Petroleum’s lubricants assets. Grand Petroleum is a part of Nigeria’s Nosak Group.
The move will strengthen the company’s presence in Nigeria and West Africa.
The acquisition includes assets such as a lubricants brand ‘HiSpeed’ and a blending plant with annual capacity of around 50,000 tonne in Lagos, which includes storage tanks with a capacity of 6,000 kilo ltr.
The acquisition will strengthen the base oil market of the company by leveraging on storage and ability to import premium base oils for distribution.
The company had announced setting up of a new blending plant in India and aims to process 500 million ltr of lubricants across India, Middle East and West Africa in 2020.