ADNOC completed the acquisition of a 50% stake in TotalEnergies Marketing Egypt from TotalEnergies for $186m.

ADNOC, a fuel distributor and convenience store operator, completed the acquisition of a 50% stake in TotalEnergies Marketing Egypt, a fuel retail operator, from TotalEnergies, a multinational integrated energy and petroleum company, for $186m. “This Acquisition marks a significant milestone in ADNOC Distribution’s international growth story. Egypt is the Arab world’s most populous country and we look forward to entering such a dynamic market. The Acquisition is also well aligned with the Industrial Partnership for Sustainable Economic Growth between the UAE, Bahrain, Egypt, and Jordan and will leverage the strengths of both the UAE and Egypt to boost growth in the related markets," Sultan Ahmed Al Jaber, ADNOC Managing Director and CEO.