China Petroleum & Chemical Corporation (Sinopec) a Chinese oil and gas enterprise, has launched its lubricant brand in the Kenyan market.
It is a publicly listed company in Hong Kong, New York, London and Shanghai Stock Exchanges.
Sinopec’s deputy general manager of safety production and quality control wang zhi guo said the firm was happy to establish in the fastest-growing market.
”The African Automotive Lubricants market is seeing increasing demand as vehicle purchases across the region continues to increase. Though the regional market only makes up six percent of the global market, it is forecast to grow rapidly over the forecast period to 2029,” Guo said.
According to the “The African Automotive Lubricants Market Report 2019” report, “The African Automotive Lubricants Market is seeing increasing demand as vehicle purchases across the region continues to increase. Though the market only makes up 6% of the global market, it is forecast to grow rapidly over the forecast period to 2029. Growth of the automotive sector in African countries is fueling the demand for automotive lubricants in Africa.”
Another major factor contributing to the growth of the market is the rise in the purchasing power of the consumers, which is likely to act as a lucrative opportunity for the market players in the next ten years.
Pwc further says the African oil & gas sector is moving from a cycle of stagnation in exploration, capital expenditure spend and production between 2014-2018 in the wake of the oil price crash, to a more dynamic growth phase.
“It is critical, however, that the sector retains and builds on its strategic portfolio management, enterprise risk management, capital project delivery, capital sourcing and allocation discipline, market and customer insights and relationships and adopts new technologies and innovations to improve performance if the hard-fought wins in cost savings are to be retained,” says James Mackay, PwC director capital projects & infrastructure.