Total sells majority in Geosel Manosque

Total is offloading its majority share in underground hydrocarbons storage company Geosel Manosque to a new 50/50 joint holding managed by the French investment funds EDF Invest and Ardian.

The deal is valued at €265 million ($297 million). Total will retain a 3.4-percent share in Geosel Manosque, and continue to use their facilities. The joint holding finds itself in ownership of Geosel with Basell Polyolefines France (26.7 percent), the Shell/BASF joint venture, and chemicals company Petroineos Manufacturing France (19.9 percent).

Geosel owns the Manosque gas underground storage facility, which has a capacity of close to 9 mcm of liquid hydrocarbons and stores 40 percent of France’s oil reserves. It also owns the pipelines connecting the southern French town to the coast.

“The sale of this infrastructure asset is part of our programme to sell $10 billion in assets by 2017 and reflects Total’s active portfolio management strategy,” chief financial officer Patrick de La Chevardiere said in a press release.

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