Total has announced that it will buy the Egyptian retail network of US energy company Chevron, in a move that would create its biggest marketing and services subsidiary outside of Europe
The French oil major said the Chevron network has annual sales of more than 1.4mn tonnes and includes 66 service stations, two oil depots and the aviation fuel operations at Cairo and Marsa Alam airports.
Total bought the assets jointly for an undisclosed sum alongside Egyptian partners Beltone Capital and Beltone Private Equity (BPE) Energy, Reuters reported.
The company also bought the Egyptian retail assets of Shell in May 2013.
According to Reuters, Chevron has been trying to sell its Egyptian and Pakistani downstream assets in order to raise US$300mn.
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