Total to Sell 30% Stake in French Pipeline Network for EUR260 Million
August 05 2019 - 3:05AM
Dow Jones News
By Nathan Allen
Total SA (FP.FR) said Monday that it has agreed to sell a 30%
stake in French pipeline network Societe des Transports Petroliers
par Pipelines to oil-storage group Pisto SAS for 260 million euros
($288.7 million).
After the deal closes Total will hold a 5.55% stake in the
business, known as Trapil, and will continue to use its
infrastructure to carry oil products from its Normandy and
Grandpuits refineries.
Total said the sale fits with its strategy of holding contracts
to use industrial infrastructure rather than owning the assets
outright.
The transaction will help Total hit its target to sell off $5
billion in assets over the 2019-2020 period, the company said.
Write to Nathan Allen at nathan.allen@dowjones.com
(END) Dow Jones Newswires
August 05, 2019 02:50 ET (06:50 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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