{"id":13408,"date":"2022-02-04T16:34:42","date_gmt":"2022-02-04T16:34:42","guid":{"rendered":"https:\/\/www.africa-press.net\/mozambique\/?p=13408"},"modified":"2022-02-04T15:00:52","modified_gmt":"2022-02-04T15:00:52","slug":"bp-scores-deal-to-divest-mozambique-assets-to-totalenergies","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mozambique\/all-news\/bp-scores-deal-to-divest-mozambique-assets-to-totalenergies","title":{"rendered":"BP scores deal to divest Mozambique assets to TotalEnergies"},"content":{"rendered":"

Africa-Press – Mozambique. <\/strong><\/span>BP plc BP entered an agreement to divest its retail network, wholesale fuel business and logistics assets in Mozambique to TotalEnergies TTE.<\/p>\n

The to-be-acquired assets involve a network of 26 service stations and a significant customer base. Beside this, the acquisition involves BP\u2019s 50% stake in Samcol.<\/p>\n

Samcol is the logistics company, which operates the Matola, Beira and Nacala fuel-import terminals. It is a joint venture established by BP and TotalEnergies. The terminals in Mozambique are the main components to capture the current and future sources of value in Mozambique and the nearby East African countries. The companies did not reveal any financial details about the agreement.<\/p>\n

Investors and environmental groups brought immense pressure on the energy industry to reduce emissions to save the planet from climate change. As a result, European energy majors are changing course and investing more in renewable energy sources. BP, like its European peers, is divesting a large portion of its oil and gas assets to shift to a more sustainable energy pathway.<\/p>\n

TotalEnergies is one of the leading players in the downstream petroleum products market in Mozambique, with a network of fuel stations, industrial and mining customers, lubricants, and logistics. It had an estimated market share of around 14%. The latest acquisition will bolster TotalEnergies\u2019 position as the leading retailer of petroleum products in the country. The assets complement TTE\u2019s existing network of 57 service stations and B2B business.<\/p>\n

The agreement shows TotalEnergies\u2019 interest in pursuing investment opportunities in Mozambique\u2019s energy sector. TotalEnergies aims to deploy its multi-energy strategy in Mozambique through the retailing of petroleum products for mobility, the major Mozambique LNG project and related supply of domestic gas, and opportunities in renewables.<\/p>\n

Company Profile & Price Performance<\/b><\/p>\n

Headquartered in London, the U.K., BP is a fully integrated energy company, with a strong focus on renewable energy. The BP stock has gained 26.7% in the past six months.<\/p>\n

Zacks Rank & Other Key Picks<\/b><\/p>\n

BP currently flaunts a Zack Rank #1 (Strong Buy).<\/p>\n

Investors interested in the energy sector might also look at the following companies that also presently sport a Zacks Rank #1. You can see the complete list of today\u2019s Zacks #1 Rank stocks here.<\/p>\n

APA Corporation APA is one of the world\u2019s leading independent energy companies that engage in the exploration, development and production of natural gas, crude oil and natural gas liquids. APA boasts a large geographically diversified reserve base, with multi-year trends in reserve replacement.<\/p>\n

APA is expected to see an earnings growth of 59.1% in 2022. At its third-quarter earnings release, APA said that it is on track to generate around $2 billion in free cash flow for the full year, assuming the current strip prices for the remainder of 2021. This, together with the company\u2019s aggressive cost management initiatives, should help in its debt reduction goal and achieve its leverage target of less than 1.5 times debt-to-EBITDA.<\/p>\n

Chevron Corporation CVX is one of the largest publicly traded oil and gas companies in the world, with operations that span almost every corner of the globe. Chevron\u2019s average output in the first nine months of 2021 was 3,093 thousand oil-equivalent barrels per day (MBOE\/d), up from 3,018 MBOE\/d in the year-ago period.<\/p>\n

Chevron is expected to see an earnings growth of 29% in 2022. As of Dec 31, CVX had $5.6 billion in cash and cash equivalents, and total debt of $31.4 billion, with a debt-to-total capitalization of a modest 18.4%. Chevron also has a high investment grade rating of AA from S&P, which translates into low borrowing rates.<\/p>\n

For More News And Analysis About Mozambique<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Mozambique. BP plc BP entered an agreement to divest its retail network, wholesale fuel business and logistics assets in Mozambique to TotalEnergies TTE. The to-be-acquired assets involve a network of 26 service stations and a significant customer base. Beside this, the acquisition involves BP\u2019s 50% stake in Samcol. Samcol is the logistics company, […]<\/p>\n","protected":false},"author":84,"featured_media":13407,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8,16],"tags":[233,281,283],"class_list":["post-13408","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-mozambique","tag-mozambique"],"yoast_head":"\nBP scores deal to divest Mozambique assets to TotalEnergies - Mozambique<\/title>\n<meta name=\"description\" content=\"BP plc BP entered an agreement to divest its retail network, wholesale fuel business and logistics assets in Mozambique ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/mozambique\/all-news\/bp-scores-deal-to-divest-mozambique-assets-to-totalenergies\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BP scores deal to divest Mozambique assets to TotalEnergies\" \/>\n<meta property=\"og:description\" content=\"BP plc BP entered an agreement to divest its retail network, wholesale fuel business and logistics assets in Mozambique ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/mozambique\/all-news\/bp-scores-deal-to-divest-mozambique-assets-to-totalenergies\" \/>\n<meta property=\"og:site_name\" content=\"Mozambique\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2022-02-04T16:34:42+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2022\/02\/img-61fd3f8ba1b01.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"780\" \/>\n\t<meta property=\"og:image:height\" content=\"552\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/bp-scores-deal-to-divest-mozambique-assets-to-totalenergies#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/bp-scores-deal-to-divest-mozambique-assets-to-totalenergies\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"BP scores deal to divest Mozambique assets to TotalEnergies\",\"datePublished\":\"2022-02-04T16:34:42+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/bp-scores-deal-to-divest-mozambique-assets-to-totalenergies\"},\"wordCount\":603,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/bp-scores-deal-to-divest-mozambique-assets-to-totalenergies#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2022\/02\/img-61fd3f8ba1b01.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Mozambique\",\"Mozambique\"],\"articleSection\":[\"all news\",\"economy\",\"homepage-english\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/mozambique\/all-news\/bp-scores-deal-to-divest-mozambique-assets-to-totalenergies#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/bp-scores-deal-to-divest-mozambique-assets-to-totalenergies\",\"url\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/bp-scores-deal-to-divest-mozambique-assets-to-totalenergies\",\"name\":\"BP scores deal to divest Mozambique assets to TotalEnergies - 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