Total has signed an agreement to sell a 30% stake in the French oil pipeline company Société des Transports Pétroliers par Pipelines (Trapil) to French independent crude oil and refined product storage operator Pisto for €260m. Trapil owns and operate 1,375 km of pipelines between the Basse-Seine and Paris regions, 28 pumping stations and 27 delivery terminals. Pisto is already a shareholder in the company with a 44% and will thus raise its stake to 74%.
Following the sale, which remains subject to regulatory approvals, Total will retain a 5.55% stake in Trapil and will continue to use Trapil infrastructure under the current terms and conditions to carry oil products from the Normandy and Grandpuits refineries to the Paris area. The sale is in line with Total's portfolio management strategy to use infrastructure assets rather than owning them. It will help Total achieve its target of divesting US$5bn over the 2019-2020 period.