Afriquia, SOMEPI seal up 'strategic merger'

Two Moroccan companies of oil products distribution, Afriquia and SOMEPI have sealed up a "strategic merger," it was announced, in Casablanca Wednesday.

This merger comes in "anticipation of the changes" in the energy field in Morocco, in particular "its progressive liberalization," the companies explained in a press release.

Through this alliance, both groups will re-position themselves on the market. Indeed, with 30% of the distribution market and over 400 gas stations, the new entity intends to achieve a yearly MAD 12 billion (Euro 120 million) in sales.