Total Kenya completes transfer of Chevron assets in Kenya and Uganda

Total Kenya Ltd has finalised the acquisition of business and assets of Chevron in Kenya.

This now gives the firm a lead in the oil and gas marketing business in Kenya controlling about 22 per cent of the market.

The company lawyers Hamilton Harrison and Mathews through newspaper advertisements yesterday issued the transfer notice.

Total Marketing Kenya Ltd, the firm that was used to purchase the Caltex brand in Kenya and Uganda from Chevron, briefly owned the business.

“The Transferee will assume all debts or liabilities of the Transferor incurred in connection with the business… up to and including transfer date,” read the notice in part.

According to the advocates, the transfer took effect on November 1, and the business will operate at the same places and premises. However the business, the notice added would be under the name and style of Total Kenya Limited.

Already, a number of retail out lets (service stations) across the country, have been branded from Caltex to Total.

Among the business and assets now assumed by the listed firm will include the export and importing as well as marketing of petroleum and oil products.

Wholesale and retailing of the products will also be carried out under the Total Kenya brand.

Total marketing Kenya is a wholly owned subsidiary of Total Outer Mer South Africa.

The transaction with Total Outer Mer S.A its holding company is to be financed three ways.

This includes the creation of 1223.5 million redeemable preference shares (RPS), external commercial medium-term loan of up to Sh4.6 billion and existing short-term loan facilities of Sh2.7 billion from existing lenders.

Shareholders of Total Kenya approved the acquisition an extra ordinary general meeting held in Nairobi recently.

Earlier in the week, Total Kenya announced that they would be moving their head offices currently along Koinange Street to Parklands in Nairobi.