By Maitane Sardon

 

TotalEnergies SE said Wednesday that it has acquired a 49% stake in Gabonese forestry company Compagnie des Bois du Gabon.

The French energy company said it has bought the stake from Criterion Africa Partners, a private equity firm that invests in the forestry value chain in sub-Saharan Africa.

Compagnie des Bois du Gabon manages 600,000 hectares of forest certified under the Forest Stewardship Council certification scheme, TotalEnergies said.

The company applies a forestry model that makes it possible to balance the harvesting and local processing of sustainable wood with the production of the related carbon credits, it said.

"Gabonese forestry... is a key economic sector for the country, and we will help develop its carbon sequestration capacity in compliance with the highest international standards," said Nicolas Terraz, president of exploration and production at TotalEnergies.

 

Write to Maitane Sardon at maitane.sardon@wsj.com

 

(END) Dow Jones Newswires

June 15, 2022 02:59 ET (06:59 GMT)

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