So should we arrive at a decision that favour Total or GAPCO
, then his hand will obviously be seen and if we chose a member of the petroleum lobby group where Total belongs, then those outside the lobby group will doubt our independence," the source said.
buyout deal is said to be worth sh1.44 trillion.
The Mauritius-incorporated GAPCO, a holding company, has been operating subsidiary units in the Tanzanian, Kenyan and Ugandan markets.
REPDMCC acquired a 76% equity interest in GAPCO in the year 2007, and since then, GAPCO has reported considerable growth, becoming a major East African petroleum marketing company, with an existing network of 108 retail sites as well as storage capacity of 260 TKL, according to RIL.
is a holding company incorporated in Mauritius with operating subsidiaries in Kenya, Uganda and Tanzania.
The acquisition of GAPCOs
assets will help Total to widen its footprint in Africa significantly.
The company said, "Reliance Exploration and Production's (Repdmcc) agreement to sell its interest in Gulf Africa Petroleum Corp (Gapco) is part of a joint transaction, wherein both Repdmcc and the minority shareholder have agreed to sell their entire respective holdings in Gapco for cash.
A holding company, Gapco, has operating arms in Tanzania, Kenya and Uganda which are primarily involved in petroleum product imports, as well as trading, storage, distribution, marketing, supply and transportation of oil products in East Africa.
The lowest weighted average Premium against the rest is offered which is followed by Augusta Energy SA beat Gapco
Tanzania Ltd, Vitol SA, Swiss Singapore Overseas Enterprise PTE Ltd and Glencore Energy UK ltd.
The companies which presented the bids consist of Mercury Energy Trading (South Africa), Agipol Africa Limited, Gunvor (South Africa), Crown Hill Investments Limited, KenolKobil Limited, Trafigura PTE Limited, Vitol SA, Independent Petroleum Group Company of Kuwait, Addax Energy SA, Independent Petroleum Group Company, Gapco
Kenya Limited, Oryx Supply and Storage, Dalbit Petroleum Limited, Strauss Logistics, Agipol Africa Limited, Mocoh SA, Trafigura PTE Limited, Galana Petroleum Limited, Oilcom (T) Limited and Mogas International Limited.
The Minister of Petroleum added that the company's expected investments will be directed to west Mediterranean, and large part to GAPCO