If you sign up for our newsletter, you'll get the latest news on the region.
A 50% stake in TotalEnergies' fuel distribution business in Egypt was sold to a unit of Abu Dhabi National Oil Co.
If certain conditions are met, Adnoc Distribution will pay up to $17.3 million. There are over 200 fuel retail stations in the Egyptian business of TotalEnergies.
The acquisition reinforces our commitment to expand our business in attractive international growth markets. The fuel retail market in Egypt is very attractive.
The deal increases the company's access to a country it has previously identified as having a great market. As part of a broader push to boost private-sector investment, the Egyptian government is looking at offering a stake in an army-run petroleum distribution firm.
The acquisition is expected to be completed in the first quarter of next year.
The assistance was given by Tarek El- Tablawy.
All Rights Reserved © 2024
