French energy group Total has agreed to buy for an undisclosed amount the distribution business of Brazil's Grupo Zema, in order to expand in Brazil and in the biofuels sector.
Zema Petroleo runs a network of 280 dealer-operated service stations and several oil products and ethanol storage facilities, most of them located in the states of Minas Gerais, Goiás and Mato Grosso.
Total added it planned to expand its activities in the area and hoped to double the number of branded stations within five years, particularly in southeast and central-west Brazil.
Oil and gas companies can play a role in the energy transition and bring a particular skillset to help reduce carbon emissions, such as sequestering carbon and burying nuclear waste, Bill Gates says.
The new partnership expands Pickering Energy Partners’ current investment platform to include SailingStone’s energy transition, global natural resources and ESG investment experience and strategies.
Oil and gas companies attaining global sustainability goals will depend on partnerships formed across sectors—like BP’s deal with Amazon, says CEO Bernard Looney during CERAWeek.