Tamoil Buys African Ops from ExxonMobil


ExxonMobil Corp. said last week that it has agreed to sell stakes in fuel and lubricants businesses in several equatorial African nations to a subsidiary of Libyas state-owned oil company. The companies did not disclose terms of the deal, which includes four blending plants.

The purchasing party is Tamoil Africa Holdings, which is based in Monaco and which serves as National Oil Corp. of Libyas arm for Africa outside of Libya. The transaction involves operations in Cameroon, Cote d’Ivoire, Gabon, Kenya, Senegal and Reunion Island in the Indian Ocean, some of which ExxonMobil owns, some of which it is part owner.

One of the blending plants – located in Kenya – is fully owned by ExxonMobil. The U.S. oil giant has an interest in the other three, which are in Gabon, Senegal and Cameroon. The deal also covers a network of approximately 300 service stations and associated supply and distribution facilities. The sale is subject to approval by various government agencies.

ExxonMobil said it decided to sell as part of its ongoing evaluation of business.

Where appropriate, ExxonMobil restructures or divests those businesses that do not fit the corporations overall strategic business objectives, spokeswoman Prem Nair said. The company said it maintains a significant downstream presence in several African nations – Egypt, Tunisia, Morocco and Nigeria – where it has sizable lubricant sales and a network of approximately 1,000 service stations.

Tamoil officials were unavailable for comment. The company already has operations in Egypt, Eritrea, Burkina Faso, Chad, Niger and Mali.

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