Total has agreed to sell a 30% interest in Société des Transports Pétroliers par Pipelines (Trapil) to Pisto SAS for €260 million.
Trapil was established to build and operate a pipeline and auxiliary installations to transport refined petroleum products between the Basse-Seine and Paris regions. Trapil is Europe's oldest, largest civilian pipeline network, comprising 1,375 kilometers of pipeline and 27 delivery terminals.
Jean-Pierre Sbraire, CFO of Total, says: '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.'
Following the transaction Total will remain 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.
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