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.
In a separate release, Occidental Petroleum also announced another round of deep spending cuts despite already reducing its budget and decreasing its shareholder dividend earlier this month.
The agreement could put an end to a bitter fight over Occidental's ill-timed purchase of rival Anadarko Petroleum last year, a bet on the continued growth of U.S. shale.
Today’s featured 25 Influential Women in Energy honoree is Wendy King, vice president of the Great Plains business unit for ConocoPhillips Co.