French energy group Total 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 southeast and central-west Brazil.
Recommended Reading
From Restructuring to Reinvention, Weatherford Upbeat on Upcycle
2024-02-11 - Weatherford CEO Girish Saligram charts course for growth as the company looks to enter the third year of what appears to be a long upcycle.
TechnipFMC Eyes $30B in Subsea Orders by 2025
2024-02-23 - TechnipFMC is capitalizing on an industry shift in spending to offshore projects from land projects.
NOV's AI, Edge Offerings Find Traction—Despite Crowded Field
2024-02-02 - NOV’s CEO Clay Williams is bullish on the company’s digital future, highlighting value-driven adoption of tech by customers.
Patterson-UTI Braces for Activity ‘Pause’ After E&P Consolidations
2024-02-19 - Patterson-UTI saw net income rebound from 2022 and CEO Andy Hendricks says the company is well positioned following a wave of E&P consolidations that may slow activity.
ProPetro Reports Material Weakness in Financial Reporting Controls
2024-03-14 - ProPetro identified a material weakness in internal controls over financial reporting, the oilfield services firm said in a filing.