France's Total says to buy Chevron's Egypt retail network
CAIRO Aug 27 (Reuters) - French oil major Total said it had agreed to buy the Egyptian retail network of U.S. energy company Chevron, in a move that it says will create its biggest marketing and services subsidiary outside Europe.
Total said the network includes 66 service stations, two oil depots, the aviation fuel operations at the Cairo airport and aviation fuel operations at the Cairo and Marsa Alam airports.
Total made the purchase jointly with two Egyptian partners Beltone Capital and Beltone Private Equity (BPE) Energy.
The Chevron network has annual sales of more than 1.4 million tons. The purchase is subject to approval by the relevant authorities, Total said in a statement. It did not give a value for the deal.