Oil giant Total has signed an agreement to sell a 30% interest in a French pipeline.
The French oil firm will sell its stake in Societe des Transports Petroliers par Pipelines to Pisto SAS for almost £240 million.
The transaction, which is subject to French regulatory approvals, will see Total wremain a minority shareholder with an interest of 5.55% and will continue to use Trapil infrastructure under the current terms and conditions to carry products from the Normandy and Grandpuits refineries.
Jean-Pierre Sbraire, chief financial officer of Total, said: “The sale of Total’s interest in this infrastructure reflects its active portfolio management strategy.
“Rather than own infrastructure assets, the group’s aim is to hold contracts to use such infrastructure when needed to manage its industrial assets.
“This sale will help us achieve our target of divesting $5 billion in assets over the period 2019-2020.”
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