Total Marketing & Services has acquired a 70% stake in Putney Capital Management, a leading Dominican fuel retailer. The transaction includes a well-established network of 130 stations, along with significant commercial oil products and lubricants sales positions.
“This acquisition illustrates Total’s strategy in the Marketing & Services segment of selectively expanding in growth areas while maintaining strong profitability. This partnership allows the group to continue its development in the Caribbean retail market, where it is now one of the regional leaders,” said Philippe Boisseau, member of Total’s Executive Committee and president of Marketing & Services.
“Combining Total’s operational excellence and Putney Capital Management’s market knowledge allows us to unlock synergies with our existing operations in the area.”
Putney Capital Management will continue to play an important role as Total’s local partner in the Dominican Republic, retaining a 30% stake.
The joint-venture will be named Total Dominicana and will be managed as part of Total’s network of 600 service stations throughout nine countries in the Caribbean.
Total has been present in the region for more than 40 years and holds leading positions in major Caribbean markets such as Puerto Rico, Haiti, Jamaica and the French West Indies.
With a population of 10 million, the Dominican Republic has a dynamic economy with GDP growth of around 6% per year. This economic growth drives the country’s growing oil product demand of 3.2 million tonnes per year, positioning the Dominican Republic as the second largest open oil market in the Caribbean.