The Abu Dhabi National Oil Company (ADNOC) has agreed to acquire half of TotalEnergies Egypt. ADNOC bought a 50% stake in the French oil giant’s Egyptian branch for $186 million, the Emirates News Agency reported today.
Why it matters: TotalEnergies has a large footprint in Egypt, with 240 fuel stations. The transaction is ADNOC’s largest investment ever, ADNOC said in a press release.
The move also represents continued Emirati investment in Egypt’s economy. In April, Abu Dhabi’s sovereign wealth fund invested $1.8 billion to acquire shares in several publicly traded Egyptian companies. In June, the United Arab Emirates entered into a $10 billion investment partnership with Egypt and Jordan.
Egypt is also part of the UAE’s Integrative Industrial Partnership for Sustainable Economic Development, which focuses on industrial investment. ADNOC CEO Sultan bin Ahmed Al Jaber said the TotalEnergies acquisition is in line with the partnership’s objectives, according to the Emirates News Agency.
Know more: ADNOC and TotalEnergies signed a partnership agreement earlier this month to work together on carbon capture.