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PetroFina concentrates its presence in southern Africa in two countries |
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| Jul. 28, 98 |
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In line with its aim to concentrate its presence in southern Africa in two countries, Angola and the Democratic Republic of Congo, countries where it wishes to improve its operational efficiency, PetroFina has sold its interests in downstream petroleum companies in Gabon, Burundi and Rwanda. At the same time, the Group has concluded an agreement with a South African partner with the aim of optimising its petroleum distribution activities in the Congo.
In Gabon, PetroFina has sold to Total the minority interest which the Group held in refining and distribution companies. This operation concerns the Group’s minority shareholding in the distribution company Total Fina Gabon and in SOGARA and SGEPP, companies active in refining and storage of petroleum products, respectively.
In Burundi and Rwanda, the South African company Engen has acquired the shares held by PetroFina in three companies involved in the distribution and storage of petroleum products, namely Fina BP Burundi, SEP Burundi and BP Fina Rwanda. The petroleum group BP, PetroFina’s partner in these three companies, has also sold its interests to Engen.
In the Congo, PetroFina has concluded a partnership agreement with Engen. Engen has purchased 49% of Aristea, a wholly-owned subsidiary of PetroFina, which holds all PetroFina’s downstream interests in the Congo. The companies concerned by this operation are the distribution company Fina Congo, the logistics company SEP Congo, TFC an inland waterways transport company, SOCOTOLE a drums manufacturing company and SOFIMMO, a company providing logistic support. This agreement does not concern the Group’s activities in the upstream sector which continue to be run by its wholly-owned subsidiary Fina Rep.
The expansion of Engen in southern Africa and PetroFina’s petroleum exploration and production projects in the coastal areas of the Congo illustrate the willingness of the Group and its partners to contribute to the development of this country in the best possible way. |
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