This archive report was first published on 18 December 2019.
On November 1, 2019, China's largest state-owned oil and gas company, Sinopec, made history by launching its lubricants in Kenya, becoming the first country in East Africa to operate in the market.
The company, listed on the Hong Kong Stock Exchange and trading on the Shanghai and New York Stock Exchanges, is the world's third-largest oil and gas company.
Speaking during the launch at the Radisson Blu Hotel in Nairobi, Sinopec's Deputy General Manager Xia Peng highlighted the company's commitment to creating job opportunities in Kenya.
"In March 2019, Sinopec was named as one of the world's best employers. This sets a track of the job opportunities the brand is looking at creating in the Kenyan market," Mr. Peng said.
Kenya's oil sector is dominated by local and international players, with a large market for petroleum products. Sinopec aims to tap into this market with its lubricants, capitalizing on the growing demand for automotive lubricants in Africa.
According to industry projections, the African market is expected to grow rapidly, reaching six percent of the global market by 2029.
With its entry into the Kenyan market, Sinopec joins a list of prominent companies, including German luxury automaker Mercedes-Benz AG, which has previously partnered with the company to distribute its lubricants.
