• 5 minutes Malaysia's Petronas vs. Sarawak Court Case - Will It End Up In London Courts?
  • 9 minutes Sell out now or hold on?
  • 16 minutes Oil prices going down
  • 5 hours Oil prices going down
  • 48 mins Sell out now or hold on?
  • 9 hours After Three Decade Macedonia End Dispute With Greece, new name: the Republic of Northern Macedonia
  • 3 mins Malaysia's Petronas vs. Sarawak Court Case - Will It End Up In London Courts?
  • 8 hours Two Koreas Agree To March Together At Asian Games
  • 13 hours What If Canada Had Wind and Not Oilsands?
  • 7 hours Oil and Trade War
  • 4 mins When will oil demand start declining due to EVs?
  • 5 mins Correlation Between Oil Sweet Spots and Real Estate Hot Spots
  • 9 hours Geopolitical and Political Risks make their strong comeback to global oil and gas markets
  • 4 hours Trump Hits China With Tariffs On $50 Billion Of Goods
  • 13 hours Australia mulls LNG import
  • 2 mins venezuala oil crisis
  • 18 hours No LNG Pipelines? Let the Trucks Roll In
  • 1 day The Permian Mystery
  • 6 hours Trump Renews Attack On OPEC Ahead Of Group's Production Meeting
Shale Shifts Attention To This ‘Forgotten’ Oil Play

Shale Shifts Attention To This ‘Forgotten’ Oil Play

As the Permian becomes overcrowded,…

Why There Won’t Be An OPEC For Battery Metals

Why There Won’t Be An OPEC For Battery Metals

A very dynamic market, quickly…

Total Acquires Major Oil and Gas Assets Across East Africa

Gas Storage Termina

French oil supermajor Total SA (NYSE:TOT) has acquired oil and gas installations in east Africa for an undisclosed amount, covering assets in Kenya, Uganda and Tanzania.

The major acquisitions reportedly are in line with Total’s diversification policy, which focuses on building up logistics at a time when cost-profit equations have rendered extraction less attractive.

The deal to acquire assets belonging to Gulf Africa Petroleum (GAPCO) includes two logistical terminals, one in Mombasa, Kenya, and the other in Dar es Salaam, Tanzania. The deal also gives total a network of 100 gas stations in the region.

Related: Gas Prices To Remain Low This Summer

The deal still has to be approved by the authorities of Kenya, Tanzania and Uganda.

“This acquisition is in line with Total’s growth strategy for the distribution of petroleum products and services in Africa, which aims at expanding in fast-growing regions while maintaining high profitability,” Momar Nguer, president of Total Marketing & Services, was quoted as saying.

A company spokesperson also noted: “The acquisition of these assets, which are complementary to Total’s existing operations in Kenya, Uganda and Tanzania, will strengthen Total’s logistics in the region and significantly accelerate the growth of our service station network, particularly in Tanzania, while leveraging the Total brand.”

Related: Driving Season Could Jolt Oil To $60

Gapco is a holding company incorporated in Mauritius with operating subsidiaries in Kenya, Uganda and Tanzania. Reliance Industries Ltd (RIL) has sold its 76% stake in GAPCO to Total. According to Reliance, GAPCO now operates 108 retail outlets and owns 260,000 kilo liters of storage capacity.

Total SA’s stock dropped 0.79% or $0.39 on 31 May, reaching $48.9 per share. The company’s shares are down 3.475 since October last year.

By James Burgess for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News