The Angolan Regulatory Competition Authority (ARC) has authorised Angolan national oil and fuel company Sonangol and French group Total to set up a company to operate in the logistics, distribution and marketing of oil products, ARC said in a statement.
The statement issued on Friday in Luanda also said that the ARC had decided “not to oppose the merger notified by Sonangol and Total Outre-Mer,” taking into account that “the commitments presented by both entities allow for the maintenance of effective competition in the relevant identified markets.”
The joint company to be founded by the two groups was also authorised by the ARC to provide other related or complementary services, as well as the distribution of solar energy solutions and activities in the hydropower solutions segment.
The agreement to set up a partnership between Sonangol and Total was signed in Luanda in December 2017 by the then chairman of the Angolan oil company, Carlos Saturnino, and his French counterpart Patrick Pauyanné.
Source: Macauhub