Coal News We love to talk!

MAR 30 2017

RIL completes Gulf Africa Petroleum Corporation stake sale

  • Economic Times, ET Bureau / Hyderabad
  • Created: Thu 30th MAR 2017

Mukesh Ambani led Reliance Industries Ltd (RIL) on Wednesday said it has completed the sale transaction of its entire 76% interest in Gulf Africa Petroleum Corporation (GAPCO) to global energy major Total SA.

"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 GulfAfrica Petroleum Corporation (GAPCO), REPDMCC, TOTAL and GAPCO have obtained requisite regulatory approvals, consents and successfully completed the sale transaction," the company said in its press statement. In its statement, the company added that the entire holding has been sold in a full cash deal.

In May 2016, the company announced plans to sell its entire stake in the African fuel retailer to TOTAL for an undisclosed amount. The transaction has now concluded.

GAPCO hold stakes in operating subsidiaries in Tanzania, Kenya and Uganda which are engaged in petroleum product import and trading, storage, distribution, marketing, supply and transportation of oil products in East Africa. GAPCO also owns retail outlets as well as onshore and offshore terminals. RIL, through its subsidiary REPDMCC had acquired 76% stake in GAPCO in 2007.

 

Tags

TOTAL Oil Reliance Industries limited Energy Import Petroleum Trading RIL

Related News

  • With oil big boys not keen, will national cos move in?  Read more
  • DMRC to get green power from Rewa solar plant in two months  Read more
  • Tata Power: Carrying legacy into the future  Read more
  • Centre proposes domestic gas price of $6-6.5 a unit  Read more
  • ONGC's marginal fields to go under the hammer  Read more
  • Electric vehicle makers to reach out to NITI Aayog, PMO for clarity on govt policy  Read more
  • Make in India and Make in America not contradictory: Dharmendra Pradhan  Read more
  • ONGC awaits DGH nod for $5 bn KG-D5 gas development plan  Read more
  • Automated system for daily revision of fuel prices rings in, petrol pump owners miffed  Read more
  • India ranks 78th on WEF energy transition index; lower than Brazil, China  Read more