MENA Project Tracker — ADNOC acquires 50% of TotalEnergies; Al Seer records $240m profit in Q2

Sun, 2022-07-31 15:01

RIYADH: ADNOC Distribution — largest fuel distributor in the UAE — in accordance with TotalEnergies Marketing Afrique SAS has acquired a 50 percent stake valued at $186 million in TotalEnergies Marketing Egypt.

The deal entails establishing 240 fuel retail stations, over 100 convenience stores, and 250 lube changing stations, in addition to supplying wholesale fuels and aviation fuel, reported Trade Arabia.

Furthermore, it will provide services such as car washes and lubricant operations.

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