ADNOC to buy 50% stake in TotalEnergies Marketing Egypt for $200mln

ADNOC to buy 50% stake in TotalEnergies Marketing Egypt for $200mln

PARIS - French company TotalEnergies has agreed to sell a 50% stake in its TotalEnergies Marketing Egypt LLC division to United Arab Emirates company ADNOC Distribution for about $200 million, the companies said on Friday.

"This move aligns with our vision to establish ADNOC Distribution as a regional leader in the fuel distribution sector," said Bader Saeed Al Lamki, CEO of ADNOC Distribution.

(Reporting by Sudip Kar-Gupta Editing by David Goodman )