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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