UAE’s ADNOC finalise acquistion of 50% stake in TotalEnergies Egypt

By Nada Ali On Feb 15, 2023

Abu Dhabi National Oil Company (ADNOC) announced on Wednesday that it has completed its acquisition from TotalEnergies Marketing Afrique SAS of a 50 percent stake in TotalEnergies Marketing Egypt LLC.

The partnership includes a diversified downstream portfolio of 240 fuel retail stations, 100+ convenience stores, 250+ lube changing stations, and car washes, as well as wholesale fuel, aviation fuel, and lubricant operations.

The acquisition is expected to uplift ADNOC Distribution’s EBITDA from year 1 post-closing (c.+6% on a fully-consolidated basis).

This step is a milestone in ADNOC Distribution’s international growth journey to move into a fast-growing market like Egypt, which has significant potential in the fuel retail and mobility solutions, said ADNOC’s CEO Bader Saeed Al Lamki.

Lamki added that “Egypt is the Arab world’s most populous country with great economic potential, and we look forward to bringing our offering to this dynamic market.”

ADNOC’s rich experience of the leading fuel distributor in the UAE will bring substantial added value to TotalEnergies Marketing Egypt, according to Thierry Pflimlin, president marketing at TotalEnergies.

In 2022, ADNOC opened 68 new service stations across its network in the UAE and KSA, while announcing strong results of an annual EBITDA of $960 million, and net profit of $750 million.

Noteworthy that the closing of this landmark transaction was first announced in July 2022, marks the official entry of the UAE’s largest fuel and retail distributor into the Egyptian market.