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.
