Total to buy Chevron's retail business in Egypt

Total and its Egyptian partners Beltone Capital and Beltone Private Equity (BPE) Energy have concluded an agreement to acquire Chevron’s retail network, general retail and aviation businesses in Egypt.
The move would create Total’s biggest marketing and services subsidiary outside Europe. The Chevron network has annual sales of more than 1.4 million metric tons and includes 66 service stations, two oil depots and the aviation fuel operations at Cairo and Marsa Alam airports.
The purchase is subject to approval by the relevant authorities, Total said in a statement. It did not give a value for the deal.
Chevron had been seeking to sell its Egyptian and Pakistani downstream assets to raise USD300 million for the second-largest U.S. oil company.
In May, Total also agreed to buy the Egyptian retail assets of Royal Dutch Shell (RDSa.L).
Once the Shell and Chevron purchases close, the annual sales of Total Egypt will exceed 3 million metric tons through 218 service stations, which will give Total a 14% market share.
The service stations will also distribute lubricants provided by a blending plant owned jointly by Total Egypt and OilLibya.