Sector News

Total acquires main Dominican Republic fuel retailer

January 28, 2016
News

French oil major Total has acquired a 70% stake in the Dominican Republic’s leading fuel retailer from Putney Capital Management.

The two firms will comprise a new JV called Total Dominicana, which will control a network of 130 service stations, Total said in a release.

The statement cited annual GDP growth of approximately 6% and strong demand for oil products in the Caribbean nation of 10mn people.

These factors “[position] the Dominican Republic as the second largest open oil market in the Caribbean,” the statement said.

The retailer is called V-Energy, according to local media reports. The value of the deal was not disclosed.

By Andrew Baker

Source: BN Americas

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