Total SA (TOT) and Cairo-based Beltone Private Equity said Tuesday they have bought the Egyptian retail fuel stations and aviation businesses of Chevron Corp. (CVX), creating Total's largest marketing and services subsidiary outside of Europe.
Total SA (TOT) and Cairo-based Beltone Private Equity said Tuesday they
have bought the Egyptian retail fuel stations and aviation businesses of
Chevron Corp. (CVX), creating Total's largest marketing and services subsidiary
outside of Europe.
The purchase, for an undisclosed sum, covers 66 service stations, two oil
depots and aviation fuel operations at the
Cairo
and
Marsa Alam airports, with an annual sales volume in excess of 1.4 million tons,
the companies said in a statement.
The deal, which is subject to regulatory approval, will allow the French oil
giant "to pursue its growth and significantly strengthen its local
footprint following the partnership between the Total Group and its Egyptian
partner, Beltone," the statement added.
Total has a current portfolio of 155 fuel stations after buying 85 from Royal
Dutch Shell PLC (RDSB.LN) earlier this year to become
Egypt
's
fourth-largest fuel retailer with a market share of 8%.
"Total already has operations here. They are making profit, and have
recently bought the fuel retail business of Royal Dutch Shell PLC's--so it
makes sense for everyone," said an official at the Egyptian oil ministry.
Διαβάστε ακόμα
Παρ, 26 Ιουλίου 2024 - 16:04
Παρ, 26 Ιουλίου 2024 - 16:02
Τετ, 24 Ιουλίου 2024 - 15:10
Τετ, 24 Ιουλίου 2024 - 15:06
Τρι, 23 Ιουλίου 2024 - 16:51