Africa: Oil industry Reliance to Sell it Shares in Mauritius Based Gulf Africa Petroleum to Total
Indian oil giant Reliance Industries sells its shares of 76% in the Mauritius-incorporated Gulf Africa Petroleum Corporation (Gapco) to French oil multi Total. The deal includes operations in Tanzania, Kenya and Uganda.
Mumbai/India – Gapco operates as a holding company for petroleum product import, and trading, storage, distribution, marketing, supply and transportation of oil products with several subsidiaries in East Africa. Since the acquisition of 76% equity interest by Reliance in 2007, the African company has significantly grown and is one of leading petroleum marketing company in East Africa, which now operates 108 retail outlets and owns 260 TKL of storage capacity.
Also the other shareholders in Gapco agreed to sell their entire respective holdings for cash, Reliance speakers stated. The net proceeds for the sale will be finalized on completion of the transaction which is expected to be within the coming months.