Total Sells Majority Interest In Géosel - Quick Facts

(RTTNews) - Total (TTA.L, TTFNF.PK, TOT) announced that the company has signed an agreement to sell an interest of 50% plus one share in Géosel Manosque to a 50-50 consortium composed of EDF Invest and Ardian. The transaction values Total's interest at 265 million euros as at January 1, 2015, excluding inventory.

Géosel owns the Manosque underground storage facility in southeastern France and pipelines linking the facility to the oil terminals at Fos and Lavéra.

"The sale of this infrastructure asset is part of our program to sell $10 billion in assets by 2017 and reflects Total's active portfolio management strategy," said, Patrick de La Chevardière, CFO of Total.

Total, which currently owns a 53.4% stake in Géosel, will remain a minority shareholder with an interest of 3.4%. The company will continue to use Géosel's infrastructure, mainly to ensure logistics for its industrial facilities in southern France.