-- Signs purchase agreement
On Wednesday, March 25, 2020, Conex Oil and Gas Holdings Limited (Conex), a 100% Liberian owned company, signed an agreement with Total to acquire Total Liberia and Total Sierra Leone. Total Liberia and Total Sierra Leone are leaders in the importation and marketing of petroleum products throughout their respective countries via the industrial and wholesale channels under the trademarks pertaining to the Total group.
Conex is expected to take over within six months and will keep the Total brand for two years, a Conex official told the Daily Observer.
Total has been operating in Liberia since 2005 provider of product to the aviation industry. The French company now has approximately 30 service stations operating in the country. Every year, Total does a review of all 130 countries in which they operate and determine whether to stay or leave. The bid for Total Liberia and Sierra Leone was announced about a year ago.
Conex says it will maintain the same source and quality of product, as well as the same management and staff.
Conex has signed a deal to acquire all of the operations and assets of Total Liberia and Sierra Leone
The transaction, according to Conex, represents a unique opportunity for the Liberian company to become a market leader in the fuel marketing business in West Africa with specific emphasis on the Mano River Union basin, due to Total Liberia and Total Sierra Leone leading positions as vendors for fuel in the aviation industry.
A release quoting the Chief Executive Officer and Chairman of Conex, Cherif Abdallah, said several international companies participated in the competitive bidding process, which was conducted in compliance with Total Group's rules and standards, and "I am pleased that Conex, a Liberian entity, emerged successful in the acquisition."
He expressed his excitement about the expansion of Conex throughout these countries because "this will create jobs and promote development in the areas into which we expand."
Mr. Abdallah noted that during President George Manneh Weah inaugural message on January 22, 2018, he called said Liberians will not be spectators in their own economy but will take bold steps to create businesses and be a part of our country's economic and developmental growth.
"We at Conex, heard this message loud and clear. That is why we are here today. Our hope is that this achievement will encourage and motivate other Liberians to move in and begin the job of developing our private sector. It is time for local actors to actively participate in their economies," he said.
Conex CEO and chairman also used the occasion to extend special thanks and appreciation to their respective advisors including Africa Finance Corporation, Nigeria; GT Bank Liberia; Sefton Fross, Lagos, Nigeria; Platform Capitol, Port Louis, Mauritius, and Montserrado Oil Infrastructure, Road Town-Tortola, British Virgin Island.
Meanwhile, 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 as well as Switzerland.
The acquisition deal sets CONEX up to become a powerful force in the oil and gas sector. As its ambition is to develop its activities, the acquisition of the entity in two countries is in line with the expansion strategy of the group.