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Total sells 30% stake in Trapil pipeline network for 260 million euros

Total sells 30% stake in Trapil pipeline network for 260 million euros
FILE PHOTO: A logo for oil giant Total is seen at a petrol station in London February 12, 2008. REUTERS/Stephen Hird/File Photo   -   Copyright  Stephen Hird(Reuters)
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PARIS (Reuters) – French energy group Total <TOTF.PA> has agreed to sell a 30% stake in the Trapil pipeline network to crude oil storage operator Pisto SAS for 260 million euros (£237 million) as part of a broader asset sale programme.

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.”

(Reporting by Sudip Kar-Gupta; editing by Jason Neely)

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