Tamoil, which is 100% owned by the Libyan government, is operated under the name Oilinvest BV. According to the BBC, the government will retain 35% of its interest in the company.
Industry publication PetrolPlaza has said that the Libyan government will retain Tamoil Africa, which operates petrol stations in several regions of Africa, including Egypt and Burkina Faso. The Tamoil unit is also reported to be building an oil pipeline between Kenya and Uganda.
Tamoil not only owns a 3,000-strong fleet of petrol stations across Europe, 2,500 of which are in Italy, but also operates oil refineries in Switzerland, Spain, Germany and Italy, the BBC said.
Libya reportedly decided to sell Tamoil in 2005, after Seif Al-Islam, the son of the country’s leader, Muammar Qaddafi, complained that running the company was too much trouble.
According to the BBC, Colony Capital, which is led by billionaire Thomas Barrack, beat a number of other prospective buyers, including Carlyle Group, Polish mogul Jan Kulczyk and a fund from the United Arab Emirates.
According to PetrolPlaza, analysts such as Merrill Lynch have estimated that strategic oil companies such as Tamoil will become increasingly profitable because of falling fuel production and increased demand.
