Total buys majority stake in Dominican Republic’s main fuel retailer

Oil giant Total has continued to expand in the Caribbean with the acquisition of a 70% stake in the leading Dominican retail network from Putney Capital Management, according to a company release.

The joint venture with Putney Capital Management, which still controls 30%, will be named Total Dominicana and will manage 130 gas stations and other oil products.

Total Dominicana will be part of Total’s network of 600 stations present in nine countries in the Caribbean.

“This acquisition illustrates Total’s 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,” explained Philippe Boisseau, Member of Total’s Executive Committee and President of Marketing & Services.

Total is the market leader in Puerto Rico, Haiti, Jamaica, and the French West Indies and has been present in the region for more than four decades.