Total has struck a deal with Gulf Africa Petroleum Corporation’s (GAPCO) for its assets in Kenya, Uganda and Tanzania.
The takeover includes two logistical terminals in Mombasa, Kenya and Dar es Salaam, Tanzania, as well as a retail network of about 100 service stations.
“This acquisition is in line with Total’s growth strategy for the distribution of petroleum products and services in Africa, which aims at expanding in fast-growing regions while maintaining high profitability,” said Momar Nguer, president of Total Marketing & Services.
“These assets, which complement our activities in East Africa, will help us fully leverage synergies of size and build the most competitive integrated regional supply, logistics and marketing base.”
The deal is subject to authorities’ approval in the three countries.
Total is the leading petroleum product retailer in Africa, with a network of more than 4,000 service stations. The company aims to grow its market share from 17% in 2015 to more than 20%.
A company spokesperson added: “The acquisition of these assets, which are complementary to Total’s existing operations in Kenya, Uganda and Tanzania, will strengthen Total’s logistics in the region and significantly accelerate the growth of our service station network, particularly in Tanzania, while leveraging the Total brand.”
By Rita Brown
Source: Energy Voice
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