Reliance Industries (RIL) has exited its African fuel retail business through sale of its entire 76 percent stake to Total SA of France for an undisclosed amount.
In Africa, Total is a leading retailer of petroleum products and will be acquiring Gulf Africa Petroleum Corporation’s (GAPCO) assets in Kenya, Uganda and Tanzania.
RIL has said in a statement that “Reliance Exploration & Production DMCC, an indirect wholly owned subsidiary of RIL and Total, have executed agreements on May 30, 2016 for the sale of the entire 76 percent interest held by REPDMCC in the Mauritius-incorporated Gulf Africa Petroleum Corporation (GAPCO).”
