RIL sells stake in African oil retailer GAPCO to Total SA

Posted on:31 May 2016 14:57:47
RIL sells stake in African oil retailer GAPCO to Total SA
31 May 2016 Current Affairs: Reliance Industries Limited (RIL) has sold its stake in African fuel retailer GAPCO (Gulf Africa Petroleum Corporation's) to Total SA of France for an undisclosed sum.Total SA, which is already a leading retailer of petroleum products in Africa, will acquire Gulf Africa Petroleum Corporation's (GAPCO) assets in Kenya, Uganda and Tanzania.

RIL had in September 2007 bought a clutch of fuel stations and storage facilities in one of the fastest growing regions in Africa.

Gulf Africa Petroleum Corporation is a holding company incorporated in Mauritius with affiliates in Kenya, Uganda and Tanzania. RIL's overseas arm Reliance Exploration & Production DMCC, owns 76% stake while Fortune Oil Corporation, Mauritius has the remaining.

Total SA has acquired two logistical terminals in Mombasa, Kenya and Dar es Salaam, Tanzania, as well as a retail network of around 100 service stations.

The acquisition will complementary to Total's existing operations in Kenya, Uganda and Tanzania and will strengthen its logistics in the region.

Monthly Current Affairs

Current Affairs Section

Daily Current Affairs Quiz

Subscribe to Current Affairs

Enter your email to get daily current affairs

Current Affairs December 2017

15 DECEMBER
NEWS
14 DECEMBER
NEWS
13 DECEMBER
NEWS
12 DECEMBER
NEWS

Current Affairs November 2017

30 NOVEMBER
NEWS
29 NOVEMBER
NEWS
28 NOVEMBER
NEWS
27 NOVEMBER
NEWS

Current Affairs October 2017

31 OCTOBER
NEWS
30 OCTOBER
NEWS
29 OCTOBER
NEWS
28 OCTOBER
NEWS