Total has agreed to sell a 30 percent interest in Société des Transports Pétroliers par Pipelines (Trapil) to Pisto SAS for €260 million (about $290 million).
Following the transaction, which is subject to French regulatory approvals, Total will remain a minority shareholder with an interest of 5.55 percent and will continue to use Trapil infrastructure under the current terms and conditions to carry products from the Normandy and Grandpuits refineries.
“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,” commented Jean-Pierre Sbraire, Chief Financial Officer of Total.
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