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Home : Business : Gambia News : Galp buys Shell's downstream ops in Mozambique, Swaziland, Gambia for $55 mln

Gambia News : Galp buys Shell's downstream ops in Mozambique, Swaziland, Gambia for $55 mln

May 06,2008 by

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Galp Energia SGPS said it has agreed to acquire Royal Dutch Shell's petroleum products distribution business in Mozambique, Swaziland and Gambia for a total enterprise value of $55 million.

In a statement, Galp said the deal is expected to allow for a 45 percent increase in the amount of volumes sold in Africa.

The Portuguese company added that the deal will develop its downstream business in two of its three strategic areas for African expansion, the Mozambique-Swaziland area and the Gambia-Guinea Bissau-Cape Verde area.

The third African area where Galp intends to expand its presence is located around Angola, where Galp already has a strong presence in both upstream and downstream operations.

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