RIL exits fuel retailing in Mauritius, sells 76% stake in Gulf Africa Petroleum Co to Total
30 Mar 2017
Reliance Industries on Wednesday said it has completed the sale of a 76 per cent stake held by wholly-owned subsidiary Reliance Exploration and Production DMCC (REPDMCC) in the Mauritius-incorporated Gulf Africa Petroleum Corporation (GAPCO) to France's Total, following regulatory and other approvals.
Reliance said REPDMCC, Total and GAPCO have obtained requisite regulatory approvals, consents and successfully completed the sale transaction.
GAPCO is a holding company with operating subsidiaries in Tanzania, Kenya and Uganda, which are primarily engaged in petroleum product import, and trading, storage, distribution, marketing, supply and transportation of oil products in East Africa.
Since the acquisition of 76 per cent equity interest in GAPCO by REPDMCC in 2007, GAPCO has significantly grown and is one of leading petroleum marketing companies in East Africa owning retail outlets as well as onshore and offshore terminals.
REPDMCC's sale of its interest in GAPCO is part of a joint transaction, wherein REPDMCC as well as the minority shareholder have sold their entire respective holdings in GAPCO for cash, RIL stated in a release.
Total is a global integrated energy producer and supplier, a leading international oil and gas company, and the world's second-ranked solar energy operator with SunPower and Total Solar.
With 98,000 employees and operations in 150 countries, Total markets products and services to more than 4 million customers daily throughout its network of over 16,500 service stations.