Egypt

ADNOC acquires a 50% stake in TotalEnergies Egypt for approx. $200mn

Published on : 2022-08-01

ADNOC Distribution has entered into an agreement with TotalEnergies Marketing Afrique SAS to acquire a 50% stake in TotalEnergies Marketing Egypt LLC (TotalEnergies Egypt) for approximately $186mn, with an additional earn-out of up to $17.3mn, if certain conditions are satisfied, the UAE’s state-owned oil and gas distributed said in a statement.

The partnership between TotalEnergies Egypt and ADNOC Distribution follows the strategic agreement signed by both companies on the occasion of the state visit of His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the United Arab Emirates, in Paris.

ADNOC Distribution’s acquisition is expected to be completed in Q1 2023

Established in 1998, TotalEnergies Egypt operates about 7% of service stations in Egypt. The contemplated partnership includes a portfolio comprising 240 fuel retail stations, as well as wholesale fuel activities, an aviation fuel business, and lubricants sales.

Through this deal, ADNOC Distribution and TotalEnergies will develop future growth opportunities for TotalEnergies Egypt by unlocking value potential and exploring beneficial synergies in fuel distribution, lubricants and aviation businesses driven by economic growth and post COVID recovery, ADNOC Distribution added. The acquisition will also see the refurbishment of several service stations to full ADNOC branding, with certain future sites being constructed under the ADNOC brand, offering a robust foothold in a fast-growing fuel retail market in Egypt.

Related Articles

Russia Finds a New Oil Trading Route Via Tiny Egyptian Port?

A cargo of about 700,000 barrels of Russian oil was delivered to Egypt El Hamra oil terminal on its Mediterranean coast early on July 24. A few hours later, another vessel collected a consignment from the port — which may have included some or all of the Russian barrels — according to vessel-tracking data monitored by Bloomberg.

Read More

Egypt’s Suez Canal records all-time high monthly revenue of $704m

Egypt Suez Canal has recorded $704 million revenues during July, the highest monthly figures in its history.

Read More

EL-Molla Discuss Expansion of ExxonMobil’s Investments in Egypt

Minister of Petroleum and Mineral Resources Tarek El Molla has met a delegation from ExxonMobil chaired by Hugo Detre, the company EAME Retail Sales and Marketing Manager, to discuss the expansion and development of the company’s investments in fuel distribution in Egypt.

Read More
Wintershall Deaneptune LogoSIEnppipetrojetTransGlobe SCHNEIDER-ELECTRIChempleEgypt gasNorthAlmansooriSKY CTS exxonmobilSchlumbergerhttps://www.shell.com/Gasco