31st Jan 2022 16:49
(Alliance News) - TotalEnergies SE on Monday announced the acquisition of BP PLC's retail network, wholesale fuel business and logistics assets in Mozambique.
The transaction covers a network of 26 service stations, a portfolio of business customers and 50% in Samcol, the logistics company previously jointly owned by TotalEnergies and BP, which operates the Matola, Beira and Nacala fuel import terminals.
The financial details of the acquisition were not disclosed.
"These assets are complementary to TotalEnergies' existing network of 57 service stations and current B2B business. With this acquisition, TotalEnergies strengthens its position as the leading retailer of petroleum products in the country," company says.
TotalEnergies operates in the Exploration & Production and Marketing & Services segments in Mozambique.
TotalEnergies Marketing Mocambique SA focuses on downstream petroleum products market with a nationwide gas stations network, industrial and mining customers, lubricants and logistics.
Before the BP assets acquisition, TotalEnergies Marketing Mozambique had an estimated market share of around 14%.
"This agreement reflects TotalEnergies' willingness to pursue its investments in Mozambique's energy sector in order to deploy our multi-energy strategy in the country through retailing of petroleum products for mobility, the major Mozambique LNG project and accompanying supply of domestic gas, and opportunities under review in the area of renewable energies," TotalEnergies Chair & Chief Executive Patrick Pouyanne said.
TotalEnergies EP Mozambique Area 1 Ltd, a wholly owned subsidiary of TotalEnergies, operates Mozambique LNG with a 26.5% participating interest.
TotalEnergies shares were down 1.8% to EUR50.28 on Monday in Paris, while BP lost 0.8% in London to fetch 382.55 pence each.
By Greg Roxburgh; [email protected]
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