Reliance Industries completes GAPCO stake sale to TOTAL
REPDMCC held 76 per cent stake in GAPCO.
Reliance Exploration & Production DMCC is an indirect wholly-owned subsidiary of Reliance Industries Limited (RIL), and had signed a sale agreement with Total to sell its entire stake in GAPCO.
RIL's activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and 4G digital services.
On Tuesday, RIL announced that all three parties concerned have obtained the requisite regulatory approvals and consents, and successfully completed the sale transaction.
Total is a global integrated energy producer and provider, a leading international oil and gas company, and the world’s second-ranked solar energy operator with SunPower and Total Solar.
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.
After REPDMCC acquired 76% equity interest in GAPCO in 2007, GAPCO became one of leading petroleum marketing companies in East Africa owning retail outlets as well as onshore and offshore terminals, the company release said.
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.
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
16,500 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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