Total and Cairo-based investor Beltone have agreed to purchase the Egyptian retail network of US firm Chevron, which the French major said would help to create its biggest retail subsidiary outside Europe. A Total Egypt statement said the agreement covers 66 retail stations, two oil depots and aviation fuel operations at the Cairo and Marsa Alam airports, with combined sales of more than 1.4mn tons/year.
The purchase will follow Total’s deal in May to take over Shell’s retail and commercial fuel businesses in Egypt. The addition of Chevron’s retail stations to the 155 outlets it had following the purchase of Shell’s 85 stations will give Total Egypt 221 retail stations. Total Egypt will then have total sales of more than 3mn t/y. The Total Egypt network will also distribute lubricants supplied by a Total Egypt/OiLibya joint venture. (CONTINUED - 278 WORDS)