Total, a prime international oil and gas company, has encouraged foreign companies to invest in its Marketing and Services subsidiary in Morocco.
Zahid Group, a Saudi Arabian conglomerate, has become a shareholder of the company after acquiring a 30% stake of Total Maroc.
Furthermore, Total Maroc is also in the process of preparing initial public offering (IPO) on the Casablanca Stock Exchange to give particular Moroccan shareholders and institutional investors an opportunity to acquire 15% shares from Total Maroc in the future.
Total will continue to retain a controlling interest in Total Maroc and operate it. Total Maroc sells multiple products and has made a mark in its business in Africa for its exceptional financial performance and the capability to offer a collection of faculty for the Group’s activities worldwide.
The joint venture started way back in 2006 as part of the conception of the JV Saudi Total Lubricants (SATLUB) in Saudi Arabia, and presently expected to grow. The entry of the Zahid Group to Total Morocco is just a new measure in the strategic partnership between the two groups.
According to an executive from Total, inviting outside partners is a key element of Total’s approach in the petroleum products and services retail sector in Africa and the Middle East to secure its long term success. Consequently, the company will be able to commence new business opportunities and reinforce the local roots of its various subsidiaries by sharing a stake to local and regional investor.