Dominican Republic: Total acquires the countryís main retail network and establishes its leadership in the Caribbean
January 27, 2016--Paris - Total has reinforced its Marketing & Services presence in the Caribbean with the acquisition from Putney Capital Management of a majority 70% interest in the leading Dominican fuel retailer. The transaction includes a well established network of 130 stations, along with significant commercial oil products and lubricants sales positions.
ďThis acquisition illustrates Totalís strategy in the Marketing & Services segment of selectively expanding in growth areas while maintaining strong profitability. This partnership allows the Group to continue its development in the Caribbean retail market, where it is now one of the regional leaders,Ē explained Philippe Boisseau, Member of Totalís Executive Committee and President of Marketing & Services. ďCombining Totalís operational excellence and Putney Capital Managementís market knowledge allows us to unlock synergies with our existing operations in the area.Ē
Putney Capital Management will continue to play an important role as Totalís local partner in the Dominican Republic, retaining a 30% stake.
The joint-venture will be named Total Dominicana and managed as part of Totalís network of 600 service stations throughout nine countries in the Caribbean. Total has been present in the region for more than forty years and holds leading positions in major Caribbean markets such as Puerto Rico, Haiti, Jamaica and the French West Indies.
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 countryís 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.