 "Reliance to sell stake in Gulf Africa Petroleum to Total")
Reliance Exploration & Production DMCC (REPDMCC), an indirect wholly owned subsidiary of Reliance Industries Limited (RIL), has agreed to sell its entire 76 percent stake in the Mauritius-incorporated Gulf Africa Petroleum Corporation (GAPCO) to Total. The proposed transaction is subject to regulatory approvals and other closing conditions that are customary for similar transactions.
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 percent equity interest in GAPCO by REPDMCC in 2007, GAPCO has significantly grown and is one of leading petroleum marketing company in East Africa, which now operates 108 retail outlets and owns 260 TKL of storage capacity.
REPDMCC’s agreement to sell its interest in GAPCO is part of a joint transaction, wherein both REPDMCC and the minority shareholder have agreed to sell their entire respective holdings in GAPCO for cash. The net proceeds for the sale will be finalised on completion of the transaction which is expected to be within the coming months.
Total Marketing & Services develops and markets products primarily derived from crude oil, along with all of the associated services. With 32,000 employees in 150 countries, Total Marketing & Services serves more than 4 million customers daily throughout its network of over 15,500 service stations. As the world’s fourth largest distributor of lubricants and the leading distributor of petroleum products in Africa, Total Marketing & Services operates 50 production sites worldwide where it manufactures the lubricants, bitumen, additives, special fuels and fluids that sustain its growth.
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