Dubai: The Abu Dhabi fuel retailer ADNOC Distribution has completed the buyout of a 50 per cent stake in TotalEnergies Marketing Egypt llc, which will give the former considerable leeway to expand in the North African market.

It was in July last that ADNOC Distribution made the formal entry into the Egypot market. The stake acquisition will likely lift ‘ADNOC Distribution's EBITDA from year 1 post-closing (c.+6 per cent on a fully-consolidated basis)’, the company said in a statement. TotalEnergies Marketing Egypt is among the leading fuel retailers in Egypt.

The alliance now oversees 240 fuel retail stations, 100 plus convenience stores, more than 250 lube changing stations and car washes. There is also a wholesale fuel, aviation fuel, and lubricant operation.

“In addition to introducing the digitally-enabled ADNOC service station offering to customers in Egypt, ADNOC Distribution also plans to bring its signature Oasis convenience store to the market,” the statement added.

Last year, the company opened 68 service stations across its network in the UAE and Saudi Arabia, and recorded a net profit of Dh2.75 billion.

More to follow...