East Africa: Total Mulls Acquisition of GAPCO
Posted on :Wednesday , 8th June 2016
Dar es Salaam — A leading retailer of petroleum products in Africa, Total is expanding on the continent with the acquisition of Gulf Africa Petroleum Corporation's (GAPCO) assets in Kenya Uganda and Tanzania. The transaction is subject to the authorities' approval in the three countries.
A communiqué issued by the company of which this paper has a copy reveals that the principal assets being acquired are two logistical terminals in Mombasa, Kenya and Dar es Salaam, Tanzania as well as retail network of around one hundred service stations.
"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," part of the communiqué emphasizes.
Momar Nguer, President, Total Marketing & Services commented that this acquisition id in line with Total's growth strategy for the distribution petroleum products and services in Africa, which aims at expanding in fast-growing regions while maintaining high profitability.
"These assets which complement our activities in East Africa will help us fully leverage synergies of size and build the most competitive integrated regional supply, logistics and marketing base," Nguer said.
Total is the leading petroleum product retailer in Africa with a network of more than 4,000 service stations. The company aims to grow its market share from 17% in 2015 to more than 20%.
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.
Created in 1969, Total Tanzania is a wholly owned affiliate of Total with a workforce of 85. Total Tanzania is active across the marketing chain, with a retail network of 32 service stations and lubricant, aviation fuel and general retail businesses. It has an estimated market share of 10%.
Gulf Africa Petroleum Corporation is a holding company incorporated in Mauritius with affiliates in Kenya, Uganda and Tanzania. It is jointly owned by Reliance Exploration & Production DMCC and a minority shareholder, Fortune Oil Corporation, Mauritius.
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