Reliance offloads GAPCO stake to Total

03.06.16. India’s Reliance Industries is selling its 76 percent stake in Gulf Africa Petroleum Corporation (GAPCO) to French oil major Total.
The stake in the Mauritius-incorporated GAPCO is held by Reliance subsidiary Reliance Exploration & Production DMCC (REPDMCC).
GAPCO is a holding company with operating subsidiaries in Tanzania, Kenya and Uganda primarily engaged in petroleum product import, trading, storage, and distribution of oil products in East Africa.
Since REPDMCC’s acquisition of its equity interest in GAPCO, the latter has significantly grown and is one of leading petroleum marketing companies in East Africa, which now operates 108 retail outlets and owns 260,000 cbm of storage capacity.
REPDMCC’s agreement to sell its interest in GAPCO is part of a joint transaction, wherein both REPDMCC and the minority shareholder have agreed to sell their entire holdings for cash.