ADNOC acquires 50% stake in TotalEnergies Marketing Egypt
ADNOC Distribution is acquiring a 50% stake in TotalEnergies Marketing Egypt LLC for approximately USD200 million.
The partnership between TotalEnergies, a leading global multi-energy company based in Paris, France, and ADNOC Distribution, the UAE’s largest fuel retail distributor, includes a portfolio comprising 240 fuel retail stations, as well as wholesale fuel activities, an aviation fuel business, and lubricants sales.
Established in 1998, TotalEnergies Egypt operates about 7% of service stations in Egypt. The acquisition is expected to be completed in the first quarter of 2023, pending satisfaction of certain conditions, including customary regulatory approvals.
‘’TotalEnergies is pleased to join forces with ADNOC Distribution in Egypt. The rich experience of an experienced fuel distributor in the GCC region will bring a significant added value to TotalEnergies Marketing Egypt. We look forward to collaborating with ADNOC Distribution in a combined growth strategy,’ said Thierry Pflimlin, president, Marketing & Services at TotalEnergies.
“TotalEnergies Egypt is a well established business with a solid track record of operational excellence and in-depth knowledge of the Egyptian fuel and retail sector. This move aligns with our vision to establish ADNOC Distribution as a regional leader in the fuel distribution sector. We look forward to providing the best possible service to customers in Egypt, and working with TotalEnergies to accelerate our international expansion in Egypt and beyond,” said Bader Saeed Al Lamki, CEO of ADNOC Distribution.
ADNOC Distribution is the only fuel retailer operating in all seven emirates in the United Arab Emirates (UAE). In 2018, it expanded its retail fuel operations to Saudi Arabia where it operates 55 retail fuel stations as of March 31, 2022. In total, ADNOC Distribution operates 464 retail fuel stations and 350 convenience stores as of March 31, 2022.
This transaction follows the signing of the strategic partnership agreement signed by TotalEnergies and ADNOC on the occasion of the state visit in Paris of His Highness Sheikh, Mohamed bin Zayed Al Nahyan, president of the United Arab Emirates.