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  • Total Acquires Chevron General Retail and Aviation Businesses in Egypt
    édité le 22/10/2013 - Plus de news de "TotalEnergies" - Voir la fiche entreprise de "TotalEnergies"


Total Acquires Chevron General Retail and Aviation Businesses in Egypt
Total Pursues Growth in Egypt, Significantly Expanding its Marketing and Services Presence with the Acquisition of Chevron's Retail Network, General Retail and Aviation Businesses and strengthen its local footprint by making this acquisition with its Egyptian partner Beltone Private Equity

Total and Beltone Private Equity managed-funds ‒ Beltone Capital and BPE Energy ‒ have concluded an agreement to acquire Chevron's retail network, general retail and aviation businesses in Egypt. The businesses include 66 service stations, two oil depots and aviation fuel operations at the Cairo and Marsa Alam airports, for an annual sales volume in excess of 1.4 million tons. The transaction is subject to approval by the relevant authorities. Coming soon after the acquisition of Shell's retail and commercial fuels businesses, announced on May 15, the latest acquisition allows Total Egypt, marketing and Services Company owned by Total Group, to pursue its growth and significantly strengthen its local footprint following the partnership between the Total Group and its Egyptian partner, Beltone Private Equity.

Once the two transactions close, Total Egypt will be Total's biggest marketing and services subsidiary outside Europe, with annual sales exceeding 3 million tons. It will enjoy a strong competitive position in Africa's biggest market, with an estimated network share of 14%. Its network will triple in size, from 75 to 218 service stations, and will be strengthened in urban areas, where purchasing power is higher, and along the main road corridors. Its broader marketing presence will also support the growth of local lubricant sales, with most products supplied by the joint venture blending plant inaugurated by Total Egypt and partner OiLibya in November 2012.

“Acquisitions of this type and our recent investment in the new Borg El Arab lubricant blending plant underscore the importance of our commitment to Egypt,” commented Momar Nguer, Senior Vice President, Africa/Middle East of Total Marketing & Services. “They are instrumental to our continued growth in the country, where we are now the second-ranked private operator.”

“I am pleased to see this new, major acquisition take shape in Egypt, a transaction that is fully aligned with our strategy of growth in the Middle East,” added Thomas Rebeyrol, Managing Director of Total Egypt. “It will allow us to offer customers an even broader range of products and services.”

“This transaction marks Beltone Private Equity's first step into the energy space,” added Hazem Barakat, Chairman of Beltone Private Equity. “It is a clear sign that Egypt remains an attractive investment destination and we remain committed to supporting the Egyptian economy.”

About Total Egypt
Total Egypt is a wholly owned subsidiary of Total established in 1998. The company is active across the entire oil product distribution sector, with general sales, lubricants, marine and aviation activities as well as a retail network with a market share of 4%. The company currently employs 130 people and makes particular efforts in recruitment, training and professional development.


Origine : Communiqué TotalEnergies

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