RIL sells its 76% stake in Gulf Africa Petroleum to Total

Indo Asian News Service

Port Louis, March 29 (IANS) Reliance Industries Ltd (RIL) on Wednesday announced completion of the sale process of its entire 76 per cent equity stake in Mauritius-based oil retailer Gulf Africa Petroleum Corp (GAPCO) to Total Marketing & Services, a subsidiary of French oil and gas firm Total SA.

The Mukesh Ambani-led RIL subsidiary Reliance Exploration & Production DMCC (REPDMCC), TOTAL and GAPCO have obtained requisite regulatory approvals, consents and successfully completed the sale transaction, an RIL release said here.

As per the sale agreement, REPDMCC agreed to divest its stake in GAPCO for cash. The size of the deal, however, was not disclosed.

The assets being acquired include two logistical terminals at Kenya's Mombasa and at Dar-es-Salaam in Tanzania, as well as a retail network of around 100 service stations.

REPDMCC had, in 2007, acquired 76 per cent stake in GAPCO, a major holding company with operating subsidiaries in Tanzania, Kenya and Uganda which are engaged in petroleum product imports as well as trading, storage, distribution, marketing, supply and transportation of oil products in East Africa, the statement said.