| TOTAL and Petrofina have signed an agreement whereby TOTAL will purchase Petrofina's 36% interest in the marketing company Total Fina Gabon, which operates a network of 19 service stations. The company, which will now be 90% owned by TOTAL, markets nearly 90,000 tonnes of petroleum products a year and serves nearly 20% of the local market.
TOTAL has also agreed to purchase Petrofina's refining and logistics assets in Gabon, thereby increasing its stakes in Société Gabonaise de Raffinage (Sogara) to 22%, and in Société Gabonaise d'Entreposage de Produits Pétroliers (SGEPP) to 18.7%. Sogara operates a refinery in Port-Gentil, while SGEPP is a petroleum products storage company.
Separately, Total Guinée Equatoriale, an 80% TOTAL subsidiary, has purchased the State's oil assets in Equatorial Guinea, which were previously managed by a 50/50 joint venture with the country's government. The assets include the two Malabo-Bata oil terminals, two depots with an aggregate capacity of 22,500 cubic meters, the Malabo jet-fuel depot and 16 sales outlets. Annual petroleum products consumption in Equatorial Guinea is currently 60,000 tonnes and growing sharply as the country's oil production rises.
All of these acquisitions are part of TOTAL's strategy to consolidate its positions in Africa, where the Group is one of the two leading international oil refiners and marketers with an aggregate market share of around 15%. |
