Total Establishes New Fuel Network in Dominican Republic
Total has reinforced its Marketing and Services presence in the Caribbean by acquiring a 70 percent interest in the Dominican Republic’s leading fuel retailer from Putney Capital Management.
The transaction includes a well-established network of 130 filling stations in addition to commercial oil products and lubricant sales positions.
“This acquisition illustrates Total’s strategy in the Marketing & Services segment of selectively expanding in growth areas while maintaining strong profitability,” said Philippe Boisseau, President of Marketing & Services and member of Total’s Executive Committee.
“This partnership allows the Group to continue its development in the Caribbean retail market where it is now one of the regional leaders.”
Boisseau also added that, “combining Total’s operational excellence and Putney Capital Management’s market knowledge allows us to unlock synergies with our existing operations in the area.”
The new joint venture will be named Total Dominicana and managed as part of Total’s 600 service stations located in nine Caribbean countries.
The Dominican Republic is currently the second largest open oil market in the Caribbean region, boasting a population of 10 million and GDP growth rate of approximately six percent annually.