Reliance completes sale of 76% interest in Gulf Africa Petroleum Corporation

Indirect wholly owned subsidiary of Reliance Industries Limited (RIL), Reliance Exploration & Production DMCC (REPDMCC) announced on Wednesday that it completed the transaction for sale of its interests in Gulf Africa Petroleum Corporation (GAPCO).

“Pursuant to the Sale agreements signed by Reliance Exploration & Production DMCC (“REPDMCC”), an indirect wholly owned subsidiary of Reliance Industries Limited (“RIL”) and TOTAL, for the sale of the entire 76% interest held by REPDMCC in the Mauritius-incorporated Gulf Africa Petroleum Corporation (“GAPCO”), REPDMCC, TOTAL and GAPCO have obtained requisite regulatory approvals, consents and successfully completed the sale transaction,” RIL said.

The company said that GAPCO is a holding company with operating subsidiaries in Tanzania, Kenya and Uganda which are primarily engaged in petroleum product import, and trading, storage, distribution, marketing, supply and transportation of oil products in East Africa.

REPDMCC in May 2016 had executed agreements for the sale of the entire 76% interest held by the company.

“Since the acquisition of 76% equity interest in GAPCO by REPDMCC in 2007, GAPCO has significantly grown and is one of leading petroleum marketing company in East Africa owning retail outlets as well as onshore and offshore terminals,” RIL said.

Shares of the company ended 0.73% higher on BSE Sensex to Rs 1,254.70 per share.

The company said, “REPDMCC’s sale of its interest in GAPCO is part of a joint transaction, wherein REPDMCC as well as the minority shareholder have sold their entire respective holdings in GAPCO for cash.”