Saudi Arabia-based Zahid Group has taken a 30 per cent stake in Total Maroc, a marketing and services affiliate of Total, a statement said.

Total Maroc is also currently preparing an initial public offering (IPO) on the Casablanca Stock Exchange, which would allow individual Moroccan shareholders and institutional investors to acquire 15pc of the shares of Total Maroc.

The IPO is expected to be launched in the near future. Total will continue to retain a controlling interest in Total Maroc and operate it, the statement said.

"Having outside partners acquire interests in our affiliates is a key component of Total's strategy in the petroleum products and services retail sector in Africa and the Middle East, and a critical factor in long-term success," said Momar Nguer, senior vice president, Africa/Middle East at Total Marketing & Services. "Not only does it allow us to further strengthen the local roots of Total's different affiliates by giving local and regional investors a stake in their performance, it also opens up new business opportunities through partners that trust Total as an operator," he added.

“The journey towards this opportunity actually started 10 years ago, when talks to launch our now operational Saudi joint venture (Satlub) took place; a collaboration that I am gratified to say is exemplary and whose success is built on the principles of integrity, trust, cooperation and the pursuit of excellence in all that we strive to achieve,” said Waleed Y Zahid, president and CEO of Zahid Group. “I have every confidence that our newly expanded partnership here in Morocco will be founded on the same principles that have governed our relationship to date, and will result in another successful collaboration for us to further build on.”

Total and Zahid Group formed Saudi Total Lubricants Company (Satlub) in Saudi Arabia in 2006. The joint venture specialises in the manufacturing and marketing of automotive, industrial and marine lubricants, as well as specialty products marketed within Saudi Arabia.  - TradeArabia News Service