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BREAKING NEWS

BREAKING NEWS

Oil major Total to buy Brazil's Grupo Zema distribution business

Oil major Total to buy Brazil's Grupo Zema distribution business
FILE PHOTO: The logo of French oil giant Total is pictured at a petrol station in Latresne near Bordeaux, France, November 19, 2018. REUTERS/Regis Duvignau -
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REGIS DUVIGNAU(Reuters)
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PARIS (Reuters) - French energy group Total <TOTF.PA> has agreed to buy for an undisclosed amount the distribution business of Brazil's Grupo Zema, in order to expand in Brazil and in the biofuels sector.

Zema Petroleo runs a network of 280 dealer-operated service stations and several oil products and ethanol storage facilities, most of them located in the states of Minas Gerais, Goiás and Mato Grosso.

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.

(Reporting by Sudip Kar-Gupta; Editing by Emelia Sithole-Matarise)

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