Lake Group Expansion into Mozambique Market
Africa Energy Intelligence’s sources report that the Tanzanian oil trading and distribution firm Lake Group has set up shop in Mozambique.
Its founder and CEO, Ally Edha Awadh, recently incorporated a subsidiary named Lake Oil Limited in Beira In central Mozambique.
The move marked a further step in Lake Group’s expansion in the region. Apart from Tanzania itself, the firm is active in Zambia, Kenya, Congo-K, Burundi and Rwanda. The company was founded in 2006 by Awadh, who was 27 at the time. Named Lake Oil, it worked initially in importing and storing oil products but Awadh later diversified his business by inaugurating a flurry of companies, including Lake Trans Ltd (transport).
The firm works with oil trading giants like Trafigura and Agusta Energy. Forbes Magazine listed Awadh as one of Africa’s most promising young businessmen in 2014 and 2015. Lake Oil’s arrival in Mozambique coincides with that of one of its competitors in Tanzania, the MeTL conglomerate of businessman Mohamed Dewji who will work out of Nacala in the north of the country.