France-based multinational integrated oil and gas firm Total said that it would purchase Chevron's Egyptian retail network. Total added that the deal with the US energy firm would enable it to create the largest marketing and services firm operating out of Europe. No financial details were given about the transaction. The deal is still subject to regulatory approval.

According to Total, Chevron's Egyptian network posted yearly sales of over 1.4 million tonnes. The unit is comprised of sixty-six service stations and two oil depots. It also has been managing the aviation fuel operations at the airports in Cairo and Marsa Alam. Beltone Capital and Beltone Private Equity Energy bought the assets together with Chevron.

Early in May, sources told Reuters that Egypt had been trying to dispose of its assets in Egypt and Pakistan to raise funds worth USD 300 million. That month, Total also agreed to acquire the Egyptian unit of Royal Dutch Shell. After the purchases of Chevron and Shell would be completed, Total said that it would expect the annual sales of Total Egypt to reach more than three million tonnes.