Total has signed an agreement with Ecoslops S.A. that gives the oil major a 25% interest in its affiliate Ecoslops Provence.
Ecoslops Provence is building a unit to regenerate oil residues at Total’s La Mède complex. The new facility is scheduled to come on stream in late 2019. Total is providing Ecoslops Provence with access to existing infrastructure and the services and utilities the unit needs to operate.
“Thanks to our partnership with Total, we’ve been able to maximise the synergies between our activities and make our move into the Marseille region much simpler and less expensive. Our financial partners and the regional authorities, without which we couldn’t have financed the new unit, are, of course, also responsible for the project’s success. Lastly, I’d like to stress that more than 75% of the construction-related contracts, worth €16 million, will be awarded to local or national companies, underscoring French know-how,” said Ecoslops Chief Executive Officer, Vincent Favier, at the signing ceremony.
“We’re delighted to step up our collaboration with Ecoslops by acquiring an interest in their Provence affiliate. The unit being built reinforces the industrial repurposing of our site to future energies, through a circular economy project,” added François Bourrasse, Manager of Total’s La Mède complex.
Read the article online at: https://www.hydrocarbonengineering.com/refining/01042019/total-acquires-interest-in-ecoslops-provence/