France’s Total has signed a Memorandum of Understanding with Angola’s Sonangol to open fuel stations in the southern African nation, Total told Reuters.

The company said that an agreement could represent an investment of hundreds of millions of dollars, with short- and long-term benefits. More details are to be announced when a shareholder deal between the two companies is signed, according to

As Angola’s finances have suffered losses over a sharp slide in oil prices since mid 2014 – for oil output represents 40% of its GDP – the continent’s second-biggest oil exporter has been trying to reorganize its oil sector. In line with the policy, according to some reports, state-owned Sonangol, the major crude producer, has been under pressure to show how it is boosting its downstream potential in Angola, while it has not refined sufficient amounts to meet fuel demand.