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Total Acquires Majority Stake in Dominican Gasoline Retail Network

By on January 27, 2016

SAN JUAN – Oil and gas company Total has acquired a 70% interest from Putney Capital Management, a leading fuel retailer in the Dominican Republic. The transaction includes 130 stations, along with corresponding sales of commercial oil products and lubricants. Putney Capital Management will continue to be Total’s local partner, retaining a 30% stake.

The joint-venture will be named Total Dominicana and managed as part of Total’s network of 600 service stations throughout nine countries in the Caribbean. Total has been present in the region for more than 40 years in such markets as Puerto Rico, Haiti, Jamaica and the French West Indies.

According to the French oil company company, “With a population of 10 million, the Dominican Republic has a dynamic economy with GDP growth of around 6% per year. This economic growth drives the country’s growing oil product demand of 3.2 million tons per year, positioning the Dominican Republic as the second largest open oil market in the Caribbean.”

With 32,000 employees in 150 countries, Total Marketing & Services has a network of more than 15,500 service stations. As the world’s fourth largest distributor of lubricants and the leading distributor of petroleum products in Africa, it operates 50 production sites worldwide where it manufactures lubricants, bitumen, additives, special fuels and fluids.

Putney manages the energy and industry investment funds of VICINI, a private asset management firm with offices in Santo Domingo, Dominican Republic and San Juan, Puerto Rico.

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