Total continues to rationalize its European downstream portfolio

abarrelfullabarrelfull wrote on 22 Jun 2011 09:24
Tags: deals downstream total uk

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Total has signed a sale and purchase agreement to sell most of its Marketing assets in the United Kingdom, the Channel Islands and the Isle of Man to Rontec Investments LLP, a consortium led by Snax 24, one of the leading independent forecourt operators in the UK.

The assets included within this agreement consist of Total’s UK retail network, comprising 810 Total-branded service stations, its Butler heating oil business, the associated logistics infrastructure, as well as its Channel Islands and Isle of Man businesses.

The Rontec Investments consortium comprises Snax 24, one of the leading independent forecourt groups in the UK; Grovepoint, a London-based, independent principal investment firm; and Investec, an international specialist bank and asset manager.

This transaction, which is expected to complete later in 2011, is in line with the Group’s strategy of rationalising its downstream portfolio in Europe.

The sale process for Total’s refining assets in the UK is ongoing.

In addition to its exploration and production operations, Total will retain a direct market presence in the UK through its lubricants, aviation fuels, special fluids and chemicals businesses.

Total has been a major player in the energy supply chain in the UK for many years, through its strong presence in both exploration and production and gas and power. Total Exploration and Production UK is one of the most active oil and gas operators on the Continental Shelf, where it continues to invest heavily. Three projects were launched in 2010: Laggan Tormore, Islay and West Franklin Phase 2, in which more than US$5 billion will be invested in total.

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