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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.
The partnership between the multinational oil major and the Jiddah-based, family-owned business is not new. Total and Zahid Group have been involved in a lubricants joint venture, Saudi Total Lubricants Company Ltd (SATLUB), since 2006. SATLUB specializes in the manufacture of automotive, industrial and marine lubricants. But the migration to Morocco, where Total is the third largest retailer of petroleum products, takes the relationship to a new level that both sides hope will lead to new investment opportunities. (CONTINUED - 781 WORDS)