PARIS (Reuters) - French energy group Total has agreed to sell a 30% stake in the Trapil pipeline network to crude oil storage operator Pisto SAS for 260 million euros ($289 million) as part of a broader asset sale program.
Trapil was created by the French government in 1950 to build and operate a pipeline and auxiliary installations to transport refined petroleum products between the Basse-Seine and Paris regions. Total will keep a 5.55% stake in Trapil.
“The sale of Total’s interest in this infrastructure reflects its active portfolio management strategy,” Chief Financial Officer Jean-Pierre Sbraire said. “This sale will help us achieve our target of divesting $5 billion in assets over the period 2019-2020.”
($1 = 0.8988 euros)
Reporting by Sudip Kar-Gupta; editing by Jason Neely