Mauritius: Petroleum Marketing Reliance Industries Sells Interest in Gapco to Total
Reliance Exploration & Production DMCC, an indirect wholly owned subsidiary of Reliance Industries, and Total, reached an agreement for the sale of the entire 76 % interest held by Reliance in the Mauritius-incorporated Gulf Africa Petroleum Corporation (“Gapco”).
Mauritius — The companies have obtained requisite regulatory approvals, consents and successfully completed the sale transaction.
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. Since the acquisition of Reliance's equity interest in Gapco in 2007, the petroleum supplier has significantly grown and is one of leading petroleum marketing company in East Africa owning retail outlets as well as onshore and offshore terminals.
The sale of its interest is part of a joint transaction, wherein the company as well as the minority shareholder have sold their entire respective holdings in Gapo for cash.