France’s Total has sold a 30% stake in its Moroccan oil products marketing and services affiliate Total Maroc to the privately owned Saudi Zahid Group, a highly diversified business conglomerate with interests ranging from real estate and transportation to energy and financial services.

Neither side has put a value on the deal, which comes ahead of a planned IPO by Total Maroc of 15% of its shares on the Casablanca stock exchange. (CONTINUED - 781 WORDS)