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FrontPageAfrica - Liberia's Leading News Magazine
MONROVIA — With immediate effect, Conex Oil and Gas Holdings (“CONEX”), officially takes over Total Liberia Incorporated and Total Sierra Leone Limited. The former TotalEnergies affiliates will now be referred to as Conex Oil & Gas Liberia and Conex Oil & Gas Sierra Leone respectively.
On March 6, 2020, Conex Oil and Gas Holdings Limited signed an agreement with TotalEnergies for the acquisition of Total Liberia and Total Sierra Leone. The deal is now concluded and Conex takes over all assets of TotalEnergies in both countries.
Both affiliates are leaders in the importing and marketing of petroleum products throughout their respective countries via the industrial & wholesale channel under the trademarks pertaining to the TotalEnergies company.
This transaction represents a unique opportunity for Conex to become a market leader in the fuel marketing business in Africa with specific emphasis on the Mano River Union, due to Conex leading positions as vendors of petroleum products in the industry.
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According to Cherif Abdallah, CEO and Chairman of Conex Oil and Gas Holdings, Ltd., “CONEX is prepared for expansion activities in the region which will create jobs and promote development in the areas which CONEX intends to expand. Our hope is that this acquisition will encourage development in the private sector in the Mano River Union.
About Conex Oil and Gas Holdings, Ltd.
Conex is a multi-national company that provides capital resources, support and highly skilled and talented management teams in the investees’ companies. Conex is the holding company for a group of companies operating primarily in West Africa and headquartered in Liberia with representative offices located in Sierra Leone, Guinea, Ghana, Nigeria and the UAE.
CONEX has become a powerful force in the oil and gas sector. This acquisition of the two entities is in line with the expansion strategy of the group.
CONEX extend special thanks and appreciation to TotalEnergies for a smooth transition and conclusion of the transaction. We also extend appreciation to our respective advisors: Sefton Fross, Lagos, Nigeria, Platform Capital, Port Louis, Mauritius and PSTV DMCC, Dubai, UAE. We take this opportunity to recognize in appreciation our Financiers: Africa Financial Corporation (“AFC”), Lagos, Nigeria, G.T. Bank (Liberia) and Ecobank.
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