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 statement.
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 8%.
"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