RIL sells stake in African oil retailer GAPCO
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Reliance Industries has sold its stake in African fuel retailer GAPCO to Total SA of France for an undisclosed sum.
Total, which is already a leading retailer of petroleum products in Africa, will acquire Gulf Africa Petroleum Corporation’s (GAPCO) assets in Kenya, Uganda and Tanzania, sources said.
RIL had in September 2007 bought a clutch of fuel stations and storage facilities in one of the fastest growing regions in Africa.
Gulf Africa Petroleum Corporation is a holding company incorporated in Mauritius with affiliates in Kenya, Uganda and Tanzania. RIL’s overseas arm Reliance Exploration & Production DMCC owns 76 per cent stake while Fortune Oil Corporation, Mauritius has the remaining.
Total has acquired two logistical terminals in Mombasa, Kenya and Dar es Salaam, Tanzania, as well as a retail network of around 100 service stations.
The acquisition will complementary to Total’s existing operations in Kenya, Uganda and Tanzania and will strengthen its logistics in the region.
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