TotalEnergies: partners with ADNOC in Egypt


(CercleFinance.com) – The partnership between TotalEnergies and ADNOC is being strengthened after ADNOC Distribution signed an agreement allowing it to acquire a 50% stake in the capital of TotalEnergies Marketing Egypt for an amount of approximately 200 million USD.

The proposed partnership between TotalEnergies and ADNOC Distribution, the leading fuel distributor in the United Arab Emirates, encompasses a portfolio of 240 service stations as well as wholesale fuel, aviation fuel and lubricants activities. The transaction is expected to close by the first quarter of 2023.

Thierry Pflimlin, Managing Director Marketing & Services of TotalEnergies, said: ‘TotalEnergies is delighted to join forces with ADNOC Distribution in Egypt. The vast experience of an experienced fuels distributor in the Gulf Cooperation Council region will add significant value to our subsidiary in Egypt. ‘

“This initiative is part of our vision to make ADNOC Distribution a regional leader in the fuel distribution sector,” comments Bader Saeed Al Lamki, Managing Director of ADNOC Distribution.

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