Sector News

French oil group Total sells Geosel majority stake

September 10, 2015
News

(Reuters) – French oil major Total said it agreed to sell a majority stake of 50 percent plus one share in Geosel Manosque to a 50-50 consortium of EDF Invest and Ardian as part of its $10 billon disposal plan.

The transaction values Total’s interest at 265 million euros ($297 million), excluding inventory, the company said in a statement on Thursday.

Total said it will retain 3.4 percent of Geosel, which owns the Manosque underground storage facility in southeastern France, and will continue to use Geosel’s infrastructure.

“The sale of this infrastructure asset is part of our programme to sell $10 billion in assets by 2017 and reflects Total’s active portfolio management strategy,” Total Chief Financial Officer Patrick de la Chevardiere said. ($1 = 0.8923 euros) (Reporting by James Regan; Editing by Leigh Thomas)

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