PORT-AU-PRINCE, Haiti, Thursday May 17, 2018 – French oil company Total is selling its retail business in Haiti, which includes scores of service stations and fuel sale operations.
It says it has signed an agreement with Bandari Corporation Ltd, a consortium formed by local and regional players, to take over. But it has not released the financial details of the sale.
“This transaction with local operators is aligned with our strategy of streamlining our asset portfolio in the Caribbean,” said Isabelle Gaildraud, Senior Vice President, Americas at Total Marketing & Services, in a statement announcing the sale.
“We are fully confident that Bandari Corporation Ltd. will develop these quality assets effectively.”
Total, the world’s fourth-largest oil and gas company, added that in its decision to accept the bid, it “paid special attention to the ability and commitment of the buyer to grow the businesses and protect the interests of employees”.
Total’s retail business in Haiti consists of a network of 92 service stations and general trade fuel sales operations. The company said it would remain present in Haiti through a lubricants distribution agreement.