TOTAL Buys GAPCO Assets
French owned Total has announced that it has completed the acquisition of Gulf Africa Petroleum Corporation’s (GAPCO) assets in Kenya, Uganda and Tanzania for an undisclosed amount.
In the deal, Total will acquire two logistical terminals in Mombasa, Kenya and Dar es Salaam, Tanzania, as well as a retail network of more than one hundred service stations.
“Pursuant to the sale agreements for the sale of the entire 76% interest held by it in Gapco, REPDMCC, Total and Gapco have obtained requisite regulatory approvals, consents and successfully completed the sale transaction.” GAPCO said in a press statement on Wednesday.
Majority owned by India’s Richest Man, Mukesh Ambani; 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.