French Total, Sonangol sign agreement for joint distribution of oil by-products in Angola

An agreement has been finalized between French Total and Angolan state oil firm Sonangol for the joint distribution and sale of crude-oil by-products.

This will initially involve the distribution of fuels and the sale of lubricants to companies and individuals at the TOTAL petrol stations, ANGOP reported. The current stage is followed by the receipt of the approval required by the competition authorities for the incorporation of the partitioned capital of the joint venture dubbed Total Marketing & Services Angola SA company, held in equal shares by Sonangol and Total.

According to the agreement, Sonangol will male available 45 petrol stations located in urban areas in 10 coastal provinces, while Total will contribute with the necessary financial resources to achieve the partnership's objectives, including doubling the number of petrol stations over a five-year period and developing business-oriented activities and the sale of lubricants.

More details awaited.