TotalEnergies and ADNOC’s collaboration has been strengthened further with the signing of an agreement by ADNOC Distribution to buy a 50% stake in TotalEnergies Marketing Egypt LLC for about $200 million.
During the signing ceremony, Thierry Pflimlin, President Marketing and Services, TotalEnergies said that ‘”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.”
Established in 1998, TotalEnergies Egypt operates about 7% of service stations in Egypt. The contemplated 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 in Q1 2023 pending satisfaction of certain conditions, including customary regulatory approvals.
Bader Saeed Al Lamki, CEO, ADNOC Distribution noted that “‘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.”