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allAfrica.com: Zimbabwe: Total Acquires Exxonmobil

The Herald (Harare)
FRENCH global petroleum giant Total Group has finally acquired ExxonMobil subsidiaries in Zimbabwe following approval from the regulatory authorities.
Total is acting to consolidate its market share in the world's booming oil industry after inking an agreement last year with ExxonMobil to acquire its operations in 14 African countries. The acquisitions will take effect in several countries among them Ghana, Liberia, Togo, Guinea-Conakry, Sierra Leone, Chad and Ethiopia. Industry sources said the Zimbabwean deal was sealed two weeks ago and ExxonMobil was in the process of disposing some of its assets.
An official with ExxonMobil, who spoke on condition of anonymity, said the disposal of assets started in December. “Only assets which are not part of the deal are being auctioned at ABC auction centres but we started doing that sometime in December last year before concluding the deal,” said an official with Mobil. “We are working on directives from the parent company which is headquartered in France and we are now working on a rebranding exercise.”
Mobil's local partners — Innscor and On the Run — will also come under the T otal umbrella. The official added that no job losses were expected. On the contrary, the change of ownership would result in more jobs being created. Once the deal is completed in other countries, Total will effectively up its market share from 9,7 percent to 10,8 percent, making it the world petroleum leader ahead of Shell whose share currently stands at 10,3 percent.
Sales volumes are also expected increase to 1,2 metric tonnes per year while an additional 500 service stations would start trading under the Total umbrella. The latest developments consolidate Total's heavy presence on the continent at all stages of petroleum chain from extraction right up to marketing. At the last count, Total was the largest oil player in Africa after Shell with more than 46 operations on the continent. Despite persistent shortages of fuel in the country, Total indicated that the deal would enable the firm to strengthen its fuel supply logistics into African countries including Zimbabwe.

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