Pursuant to the Sale agreements signed by Reliance Exploration & Production DMCC (“REPDMCC”), an indirect wholly owned subsidiary of Reliance Industries Limited (“RIL”) and TOTAL, for the sale of the entire 76% interest held by REPDMCC in the Mauritius-incorporated Gulf Africa Petroleum Corporation (“GAPCO”), REPDMCC, TOTAL and GAPCO have obtained requisite regulatory approvals, consents and successfully completed the sale transaction.
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 leading petroleum marketing company in East Africa owning retail outlets as well as onshore and offshore terminals.
REPDMCC’s sale of its interest in GAPCO is part of a joint transaction, wherein REPDMCC as well as the minority shareholder have sold their entire respective holdings in GAPCO for cash.
About Reliance Industries Limited (RIL) Reliance Industries Limited (RIL) is India’s largest private sector company, with a consolidated turnover of INR 2,96,091 crore ($44.7 billion), cash profit of INR 40,737 crore ($6.1 billion), and net profit of INR 27,630 crore ($4.2 billion) for the year ended March 31, 2016.
RIL is the first private sector company from India to feature in Fortune’s Global 500 list of ‘World’s Largest Corporations’ – currently ranking 215th in terms of revenues, and 126th in terms of profits. RIL ranks 238th in the Financial Times’ FT Global 500 list (2015) of world’s largest companies. RIL ranks 121st on the Forbes Global 2000 list (2016), continuing to be the top-ranked Indian company. RIL’s activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and 4G digital services.
Total is a global integrated energy producer and provider, a leading international oil and gas company, and the world’s second-ranked solar energy operator with SunPower and Total Solar. Its 98,000 employees are committed to better energy that is safer, cleaner, more efficient, more innovative and accessible to as many people as possible. Total focuses on ensuring that its operations in more than 130 countries worldwide consistently deliver economic, social and environmental benefits. total.com
About Total Marketing & Services:
Total Marketing & Services develops and markets products primarily derived from crude oil, along with all of the associated services. With 32,000 employees in 150 countries, Total Marketing & Services serves more than 4 million customers daily throughout its network of over 16,500 service stations. As the world’s fourth largest distributor of lubricants and the leading distributor of petroleum products in Africa, Total Marketing & Services operates 50 production sites worldwide where it manufactures the lubricants, bitumen, additives, special fuels and fluids that sustain its growth.