RIL sells stake in African oil retailer GAPCO to Total SA
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Posted on:31 May 2016 14:57:47
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.
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