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Total to sell 50% plus one share in Géosel Manosque for 265 million euros

Staff writer |
Total 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.

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The transaction values Total’s interest at €265 million as at January 1, 2015, excluding inventory and is subject to the confirmation of the other Géosel shareholders and the customary regulatory approvals.

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

“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,” commented Patrick de La Chevardière, Chief Financial Officer of Total.

Géosel owns the Manosque underground storage facility in southeastern France and pipelines linking the facility to the oil terminals at Fos and Lavéra. With a capacity of close to 9 million cubic meters, Géosel’s underground liquid hydrocarbon storage facility is one of the largest of its kind in Europe.

It represents about 20% of France’s total hydrocarbon storage capacity and is primarily used to store around 40% of the country’s strategic oil reserves.

Total owns a 53.4% interest in the company, alongside Basell Polyolefines France (26.7%) and Petroineos Manufacturing France (19.9%).

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