Conex Oil and Gas Holdings Limited (Conex) has signed an agreement with Total to acquire Total Liberia and Total Sierra Leone for an undisclosed sum.
Daily Observer cited Conex official as saying that the company is expected to take over Liberia and Sierra Leone businesses within six months, while Conex plans to retain the Total brand for two years.
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The bid to acquire Total Liberia and Total Sierra Leone was announced about a year ago.
Conex says it will maintain the same source and quality of product, and also retain the same management and staff of total’s Liberia and Sierra Leone businesses.
According to Liberian Observer, a release quoting the Conex chairman and CEO Cherif Abdallah said: “I am pleased that Conex, a Liberian entity, emerged successful in the acquisition.
“We at Conex heard this message loud and clear. That is why we are here today. Our hope is that this achievement will encourage and motivate other Liberians to move in and begin the job of developing our private sector. It is time for local actors to actively participate in their economies.”
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By GlobalDataThe deal enables Conex to become a leading player in the oil and gas sector.
The acquisition of the entity in two countries aligns with the business expansion strategy of Conex.
Total has been in operation in Liberia since 2005 and has around 30 service stations operating in the country.
