TOTALENERGIES SE: TotalEnergies and ADNOC Partner in Fuel Distribution in Egypt
29 Juillet 2022 - 8:40AM
UK Regulatory
TIDMTTE
The partnership between TotalEnergies (Paris:TTE) (LSE:TTE)
(NYSE:TTE) and ADNOC has been further strengthened following the
signing by ADNOC Distribution of an agreement to acquire a 50%
stake in TotalEnergies Marketing Egypt LLC for a consideration of
approximately $200 million. This new transaction follows the
signing of the strategic partnership agreement signed by
TotalEnergies and ADNOC on the occasion of the state visit in Paris
of His Highness Sheikh, Mohamed bin Zayed Al Nahyan, President of
the United Arab Emirates.
Established in 1998, TotalEnergies Egypt operates about 7% of
service stations in Egypt. The contemplated partnership between
TotalEnergies, a leading global multi-energy company, and ADNOC
Distribution, the UAE's largest fuel retail distributor, includes a
portfolio comprising 240 fuel retail stations, as well as wholesale
fuel activities, an aviation fuel business, and lubricants
sales.
The Acquisition is expected to complete in Q1 2023 pending
satisfaction of certain conditions, including customary regulatory
approvals.
Thierry Pflimlin, President Marketing & Services at
TotalEnergies, said, "TotalEnergies is pleased to join forces with
ADNOC Distribution in Egypt. The rich experience of an experienced
fuel distributor in the GCC region will bring a significant added
value to TotalEnergies Marketing Egypt. We look forward to
collaborating with ADNOC Distribution in a combined growth
strategy."
Bader Saeed Al Lamki, CEO of ADNOC Distribution, said,
"TotalEnergies Egypt is a well-established business with a solid
track record of operational excellence and in-depth knowledge of
the Egyptian fuel and retail sector. This move aligns with our
vision to establish ADNOC Distribution as a regional leader in the
fuel distribution sector. We look forward to providing the best
possible service to customers in Egypt, and working with
TotalEnergies to accelerate our international expansion in Egypt
and beyond".
***
About TotalEnergies
TotalEnergies is a global multi-energy company that produces and
markets energies: oil and biofuels, natural gas and green gases,
renewables and electricity. Our more than 100,000 employees are
committed to energy that is ever more affordable, cleaner, more
reliable and accessible to as many people as possible. Active in
more than 130 countries, TotalEnergies puts sustainable development
in all its dimensions at the heart of its projects and operations
to contribute to the well-being of people.
@TotalEnergies TotalEnergies TotalEnergies TotalEnergies
About ADNOC Distribution
ADNOC Distribution is the leading fuel distributor and
convenience store operator in the UAE.
ADNOC Distribution operates 464 retail fuel stations, 350
convenience stores as of 31 March 2022 and is the leading marketer
and distributor of fuels to commercial, industrial and government
customers throughout the UAE. ADNOC Distribution is the only fuel
retailer operating in all seven emirates in the UAE, and in 2018
expanded its retail fuels operations internationally in the Kingdom
of Saudi Arabia where it operates 55 retail fuel stations as of 31
March 2022. To find out more, visit www.adnocdistribution.ae.
Cautionary Note
The terms "TotalEnergies", "TotalEnergies company" or "Company"
in this document are used to designate TotalEnergies SE and the
consolidated entities that are directly or indirectly controlled by
TotalEnergies SE. Likewise, the words "we", "us" and "our" may also
be used to refer to these entities or to their employees. The
entities in which TotalEnergies SE directly or indirectly owns a
shareholding are separate legal entities. This document may contain
forward-looking information and statements that are based on a
number of economic data and assumptions made in a given economic,
competitive and regulatory environment. They may prove to be
inaccurate in the future and are subject to a number of risk
factors. Neither TotalEnergies SE nor any of its subsidiaries
assumes any obligation to update publicly any forward-looking
information or statement, objectives or trends contained in this
document whether as a result of new information, future events or
otherwise. Information concerning risk factors, that may affect
TotalEnergies' financial results or activities is provided in the
most recent Universal Registration Document, the French-language
version of which is filed by TotalEnergies SE with the French
securities regulator Autorité des Marchés Financiers (AMF), and in
the Form 20-F filed with the United States Securities and Exchange
Commission (SEC).
TotalEnergies Contacts
Media Relations: +33 (0)1 47 44 46 99 l presse@totalenergies.com
l @TotalEnergiesPR
Investor Relations: +33 (0)1 47 44 46 46 l
ir@totalenergies.com
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CONTACT:
TotalEnergies
SOURCE: TotalEnergies SE
Copyright Business Wire 2022
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