French energy group Total has agreed to buy some businesses of Brazil’s Grupo Zema to expand in the biofuels sector.
Total said it would be buying fuel distribution company Zema Petróleo, reseller and retailer arm Zema Diesel and importation company Zema Importacao. Financial terms were not disclosed.
Zema Petroleo runs 280 dealer-operated service stations and several oil products and ethanol storage facilities.
Total added it planned to expand its activities in the area and hoped to double the number of branded stations within five years, particularly in south-east and central-west Brazil.
“This acquisition is in line with our strategy to expand in large growing markets and in biofuels markets under our Climate roadmap,” said Momar Nguer, president of marketing and services at Total.
“By entering the retail market today, Total is also confirming its long-term commitment to the Brazilian market,” he said.
Source: Reuters.com