By SUMMER SAID
Total and Cairo-based Beltone Private Equity said Tuesday
they have bought the Egyptian retail fuel stations and aviation
businesses of Chevron, creating Total's largest marketing and
services subsidiary outside of Europe.
The purchase, for an undisclosed sum, covers 66 service
stations, two oil depots and aviation fuel operations at the
Cairo and Marsa Alam airports, with an annual sales volume in
excess of 1.4 million tons, the companies said in a
The deal, which is subject to regulatory approval, will
allow the French oil giant "to pursue its growth and
significantly strengthen its local footprint following the
partnership between the Total Group and its Egyptian partner,
Beltone," the statement added.
Total has a current portfolio of 155 fuel stations after
buying 85 from Royal Dutch Shell earlier this year to become
Egypt's fourth-largest fuel retailer with a market share of
"Total already has operations here. They are making profit,
and have recently bought the fuel retail business of Royal
Dutch Shell -- so it makes sense for everyone," said an
official at the Egyptian oil ministry.
Dow Jones Newswires