Reliance Industries sells 76% stake in GAPCO to Total
by ChemOrbis Editorial Team - content@chemorbis.com
According to media reports, Reliance Industries Ltd (RIL) completed the sale of its 76% stake in Gulf Africa Petroleum Corp (GAPCO) to Total Marketing & Services, a subsidiary of French oil and gas firm Total on March 29.
Among the assets acquired by Total are two logistical terminals in Kenya and Tanzania, and a retail network of about 100 service stations.
Reliance Exploration & Production DMCC (REPDMCC), a subsidiary of RIL, had purchased the 76% stake in 2007 from GAPCO, a holding company which has subsidiaries in Tanzania, Kenya and Uganda and are operating in imports, trading, storage, distribution, marketing, supply and transportation of oil products in East Africa.
Among the assets acquired by Total are two logistical terminals in Kenya and Tanzania, and a retail network of about 100 service stations.
Reliance Exploration & Production DMCC (REPDMCC), a subsidiary of RIL, had purchased the 76% stake in 2007 from GAPCO, a holding company which has subsidiaries in Tanzania, Kenya and Uganda and are operating in imports, trading, storage, distribution, marketing, supply and transportation of oil products in East Africa.
More free plastics news
Plastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...- China PP price uptrend intact after holidays despite local supply pressure
- Saudi PP, PE markets reverse course in Feb after 8 months, maintenance schedule busy in Mid-East
- Freight carriers aim to manage supply-demand balance by blanking more sailings
- PP and PE markets set to rebound from two-year lows in Europe
- PET sellers hunt for signs of market bottom in Europe
- India’s import PP, PE markets rebound in Jan after several months of declines
- Tight supplies keep Asian PVC markets bullish
- Crude oil market sentiment turns in favour of bulls
- Will European PVC take a breather from 9-month downtrend in February?
- Supply limitations bolster Feb PP and PE outlook in Turkey
