Business
RIL had bought a clutch of fuel stations and storage facilities in one of the fastest growing regions in Africa in September 2007.
Updated : Mar 21, 2018, 06:37 AM IST
Reliance Industries has sold its stake in African fuel retailer GAPCO to Total SA of France for an undisclosed sum.
Total, which is already a leading retailer of petroleum products in Africa, will acquire Gulf Africa Petroleum Corporation's (GAPCO) assets in Kenya, Uganda and Tanzania, sources said.
RIL had in September 2007 bought a clutch of fuel stations and storage facilities in one of the fastest growing regions in Africa.
Gulf Africa Petroleum Corporation is a holding company incorporated in Mauritius with affiliates in Kenya, Uganda and Tanzania. RIL's overseas arm Reliance Exploration & Production DMCC owns 76% stake while Fortune Oil Corporation, Mauritius has the remaining.
Total has acquired two logistical terminals in Mombasa, Kenya and Dar es Salaam, Tanzania, as well as a retail network of around 100 service stations.
The acquisition will be complementary to Total's existing operations in Kenya, Uganda and Tanzania and will strengthen its logistics in the region.