February 6, 2020 / 8:16 AM / 16 days ago

French energy group Total sells 27.5% stake in Fos

FILE PHOTO: The logo of a French oil giant Total is seen at the refinery in Donges, France, December 20, 2019. REUTERS/Stephane Mahe/File Photo

PARIS (Reuters) - French energy group Total said on Thursday that it had sold its 27.5% interest in Fosmax LNG, which operates France’s Fos Cavaou liquefied natural gas (LNG) terminal, to Engie unit Elengy.

Total said the sale of the stake was worth around $260 million, including the acquisition of a shareholder loan and excluding any earn outs, and was part of Total’s broader target of $5 billion in divestments over 2019-2020.

Reporting by Sudip Kar-Gupta; editing by Jason Neely

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