Ahmed Hashi, the tycoon behind Hashi Energy Limited formerly known as the Hashi Empex Ltd and one of the oldest indigenous oil marketing companies in East Africa is selling 31 vehicles and land to clear a debt of over Ksh5 billion.
The petroleum company operates in Kenya, Uganda, Rwanda, Tanzania, and the Democratic Republic of Congo (DRC).
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However, the company is now under liquidation and has announced the sale of various properties and assets, including 31 vehicles, a gas cylinder revalidation plant, and land properties to clear a debt of Ksh5 billion.
Ahmed Hashi started the company as a Kerosene distributor for Chevron Kenya, then known as Caltex Oil Kenya.
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At the time, Kerosene was imported and widely used in many homes. The company supplied the product to regions such as Rwanda and the DRC with kerosene in jerry cans.
How Ahmed Hashi Got into Petroleum Business
In 1995, the market was liberalized allowing the company to grow and compete against multinational companies.
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It also meant that it was allowed to operate on its own instead of being a distributor for multinational companies.
Consequently, the company expanded by acquiring depots in western Kenya and extending its reach to the export market in East and Central Africa.
Also Read:Kenyan Tycoon Forced to Sell 31 Vehicles, Land Over Ksh5 Billion Debt
In 2008, the company rebranded to Hashi Energy, broadening its scope to include the importation, distribution, and marketing of petroleum products, including bulk trading and service stations.
The firm also ventured into remote logistics, engineering, and food supply.
One significant milestone for Hashi Energy Group was winning a prestigious United Nations Fuel Supply contract in the DRC in 2015.
Earlier Career
Hashi started working in a textile shop, transporting goods from Mombasa to various East African countries, including DRC, Burundi, and Rwanda.
In the mid-70s, he became self-employed and started trading various commodities where he sold second-hand textiles, transporting them from Mombasa to Uganda for several years.
Additionally, he sold branded plastic bags to six supermarkets in the region.
Also Read: Gerald Gikonyo: Story of Sabina Joy Billionaire Who Started Working at Age 6
Around the same time, he started trading petroleum products, transporting them to eastern DRC and Rwanda in a single truckload for six years.
This is where he discovered his passion for petroleum products and in 1991, with the support of his wife Fatuma, he registered Hashi Energy Ltd as a business.
What Hashi Energy Company Offers
The company markets and distributes bulk unleaded premium mogas, automotive gas oil, illuminating Kerosene, Jet A1, fuel oil and liquefied petroleum gas (LPG).
Hashi Hauliers, a sister company of Hashi Energy operates 40 trucks, which handle the transportation of products.
Ahmed Hashi in a past interview said he started with three employees in the company and now he has 300 employees with offices across the region.
Hashi Energy Facing Auction
The firm fell from grace in March 2023 after it announced plans to enter into voluntary administration amid financial difficulty.
Nairobi-based auctioneer Dalali Traders said in a public notice on Tuesday that the properties will go under the hammer on August 15, 2023. On June 18.
The liquidator of Hashi Energy put on sale a 3.00 acres piece of land in Changamwe, Mombasa County, with a lease running for 60 years from December 1, 2009.
Also, a 1.447 acres parcel of land with a 58-year lease from January 1997 has been put on sale. On the other hand, the petroleum company’s 26 plots ranging from 0.075-0.128 acres in Kisumu are up for grabs.
An underdeveloped 0.1605-acre piece of land that is being used as a parking yard, and a 0.4644-acre land with a 3-bedroom bungalow and servant quarters located in Milimani area was also advertised for sale.
31 units Prime Movers SITRAK model of SinoTruk (27 in Mombasa, 3 in Eldoret and 1 in Nairobi), and a parcel of land are also on sale.
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