Abu Dhabi (Etihad)
ADNOC Distribution has announced that it has entered into an agreement with Total Energy Marketing Afrique S.A. any. s.» To acquire a 50% stake in “Total Energy Egypt” at a value of approximately $186 million, in addition to an additional amount of up to $17.3 million if certain conditions are met (the “Acquisition”). The partnership with Total Energy, a world leader in multi-source energy with a proven track record and reputation in Egypt, includes a diversified portfolio of 240 retail fuel stations, over 100 retail stores, and over 250 oil change stations and car wash centers. and wholesale fuel, jet fuel and lubricant operations. The acquisition is expected to be completed during the first quarter of 2023, as the agreement is subject to the fulfillment of certain conditions, including approvals from the relevant regulatory authorities. On this occasion, His Excellency Dr. Sultan bin Ahmed Sultan Al Jaber, Minister of Industry and Advanced Technology, Managing Director and CEO of the Abu Dhabi National Oil Company (ADNOC) and its group of companies, and Chairman of the Board of Directors of ADNOC Distribution, said: “This transaction represents an important step in ADNOC’s journey. For distribution” to expand internationally, especially since the sister Arab Republic of Egypt is the largest Arab country in terms of population, which makes it a dynamic market in which we look forward to establishing a solid presence, cooperation and building quality partnerships that contribute to promoting growth and business expansion. The acquisition is also in line with the Integrated Industrial Partnership Initiative for sustainable economic development between the UAE, Egypt, Jordan and Bahrain, as it will benefit from the advantages enjoyed by both the UAE and Egypt to promote growth.” For his part, Eng. Badr Saeed Al Lamki, CEO of ADNOC Distribution, said: “The retail fuel distribution market in Egypt is a promising market full of future growth opportunities due to its growing population, which includes a high percentage of young people. Besides implementing a series of economic reforms, Egypt has recently achieved GDP growth with positive future prospects.” He added: “This acquisition by ADNOC Distribution is an affirmation of our commitment to expanding our business in promising international markets, and evidence of our ability to benefit from our expertise in the field of selling fuel and other retail products, and in employing cash to accelerate our international expansion and identify partnership opportunities that allow us Entering new dynamic markets quickly and efficiently. For his part, Terry Pflemlin, Head of Marketing and Services at Total Energy, said: “Total Energy is pleased to join forces with ADNOC Distribution in Egypt, given the proven track record of this leading company in the UAE in The field of fuel distribution will add great value to Total Energy Egypt, and we look forward to continuing our cooperation with ADNOC Distribution as part of its international expansion strategy.”
