Total sell interest in Trapil Pipeline €260 million

Total to sell interest in Trapil Pipeline for €260 million

6:34 AM, 5th August 2019
Total logo

PARIS, FRANCE: Total SA has signed an agreement to sell a 30 percent interest in Societe des Transports Petroliers par Pipelines (Trapil) to Pisto SAS for €260 million (about $290 million).

Following the transaction, 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,” said Jean-Pierre Sbraire, Chief Financial Officer of Total.

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