RIL exits Africa oil retail business

RIL exits Africa oil retail business

 Reliance Exploration and Production DMCC (REPDMCC) has decided to sell the entire 76% interest held by it in the Mauritius-incorporated Gulf Africa Petroleum Corporation (GAPCO) to French energy major Total for an undisclosed sum.

REPDMCC is an indirect wholly owned subsidiary of Reliance Industries. GAPCO is a holding company with operating subsidiaries in Tanzania, Kenya and Uganda which are primarily engaged in petroleum product import, and trading, storage, distribution, marketing, supply and transportation of oil products in East Africa.

Since the acquisition of 76% equity interest in GAPCO by REPDMCC in 2007, GAPCO has significantly grown, and is one of the leading petroleum marketing company in East Africa, which now operates 108 retail outlets and owns 260 TKL of storage capacity, RIL said. REPDMCC’s agreement to sell its interest in GAPCO is part of a joint transaction, wherein both REPDMCC and the minority shareholder have agreed to sell their entire respective holdings in GAPCO for cash.

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