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.”
