RelianceIndustries Ltd (RIL) today announced it had signed some arrangements with TotalSA of France available for sale of its entire 76 per cent stake in African gas companyGulf Africa Petroleum Company (GAPCO) for an unrevealed sum.RIL had in 2007 acquired the majority 76 percent share and also management control in GAPCO, which has a substantial presence in the downstream petroleum market in African nations including Tanzania, Uganda, Rwanda as well as Kenya in East Africa. RIL’s overseas arm Reliance Exploration, as well as Manufacturing DMCC (REPDMCC), holds 76 percent while Oil Company, Mauritius holds the continuing to be stake.
REPDMCC’s arrangement to offer its stake in GAPCO is part of a joint transaction where both REPDMCC and the minority shareholder have consented to sell their whole particular holdings in GAPCO for cash.
Mauritius-incorporated GAPCO is a holding firm with subsidiaries in Tanzania, Kenya, and Uganda, which are largely participated in oil product import apart from trading, storage, distribution, full marketing, supply as well as transport of oil products. GAPCO possesses 260 thousand kiloliters (TKL) of storage space capacity as well as operates 108 retail outlets. RIL said the proposed deal goes through governing authorizations.
The primary possessions got by Totalconsist of terminals in Mombasa as well as Dar-es-Salaam as well as a network of 100 gasoline station. The company spokesman, the purchase of the assets, is complementary to Total amount’s existing procedures in Kenya, Uganda, and Tanzania and will reinforce its logistics in the area as well as increase the development of solution terminal network, particularly in Tanzania. Total becomes theleading petroleum items seller in Africa with a network of greater than 4,000 filling station. The service intends to grow its market share from 17 per cent in 2015 to more than 20 percent.