Total and Erg have agreed to sell the fuel marketing and refining assets in the TotalErg joint venture to the Italian Group API.
Following the divestment of the LPG and Commercial Sales businesses, this third transaction completes the sale of all TotalErg’s assets, for a total amount of approximately €750 million.
In parallel with this agreement, Total confirmed that it will buyout Erg’s 51% stake in the lubricants activities of the joint venture that will consequently be terminated.
Momar Nguer, President, Marketing & Services, said: “The successful monetisation of these mature activities in a challenging market is another example of our active portfolio management strategy in Marketing & Services. It also helps reduce our refining capacity in Europe while taking advantage of a favourable market […] The buyout from Erg of the lubricants activity allows us to focus and expand this high-return business. In addition, we will maintain our presence in the truck refueling business in Italy with our European network AS24, as well as in aviation fuels.”
Read the article online at: https://www.hydrocarbonengineering.com/refining/06112017/total-sells-its-fuel-marketing-activities-in-italy/