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Tuesday, Aug 27
Total to buy Chevron's Egypt retail operations
- Total (TOT -0.2%) reaches agreement to buy Chevron's (CVX +0.4%) Egypt retail and aviation businesses, which would make Total Egypt the biggest marketing and services subsidiary of its French parent company outside Europe; the value of the deal is not disclosed.
- TOT’s investment is the second in Egypt this year after buying Royal Dutch Shell's (RDS.A, RDS.B) retail and commercial fuel operations in May.
- Once the Chevron and Shell deals are complete, TOT projects annual sales in Egypt of more than 3M metric tons and a 14% share of the country’s service stations.