At their current pace, it seems there is little that can slow down energy magnate brothers Ashok and Sudhir Goyel. They were two of the first Indians to bring their own equity to the UAE by launching oil trading firm Gulf Petrochem. Serving as chairman and managing director, respectively, the brothers grew their company from a $50m operation in Sharjah to a global $2.8bn empire, with offices in Dubai, Mumbai, Delhi and Singapore.
When the prices of oil started to decline in 2014, the energy conglomerate made three significant acquisitions, including a 72 percent stake in India-listed Sah Petroleums (now GP Petroleums) that resulted in the business growing five times in value since Gulf Petrochem became majority shareholder, Sudhir Goyel told Arabian Business in 2016. Today, the Goyel brothers are focusing on more expansion, including the establishment of a new refinery in Tanzania as well as new trading offices in London, Lagos, Kuala Lumpur and Panama.
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