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.
“The rich experience of the leading fuel distributor in the UAE will bring substantial added value to TotalEnergies Egypt,” said Thierry Pflimlin, president marketing & services at TotalEnergies.
Al Seer Marine records $240 million profit in second quarter
Al Seer Marine — one of the leading maritime companies — has recorded a $240.4 million profit in the second quarter of 2022, a 115 percent increase year-on-year.
This comes following many smart investments, improvements in transportation services, and the purchase of very large gas carriers, according to Trade Arabia.
“We have remained vigilant in unprecedented market conditions to remedy any obstacle and to capitalize on opportunities in the maritime industry to build further scale and drive revenue,” stated Guy Neivens, CEO of Al Seer Marine.