TotalEnergies and ADNOC have signed a fuel distribution partnership deal in Egypt, Cairo.
The partnership between has been further strengthened following the signing by ADNOC Distribution of an agreement to acquire a 50% stake in TotalEnergies Marketing Egypt for $200 million (€194 million).
The partnership between TotalEnergies, a leading global multi-energy company, 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.
The acquisition is expected to complete next year pending satisfaction of certain conditions, including customary regulatory approvals.
Thierry Pflimlin, president marketing and services at TotalEnergies, said: ‘’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.’’
Bader Saeed Al Lamki, CEO of ADNOC Distribution, said: “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.”
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