Total Marketing Services SA and ERG SPA have agreed to sell their remaining assets in TotalErg SPA, an oil product distribution and refining joint venture, to Italy’s Anonima Petroli Italiana (API). ERG holds 51% of the combine and Total has 49%.
The deal includes 2,600 retail outlets, the Rome logistic hub, and 25.16% of the Trecate refinery. It’s the third and final sale of TotalErg’s assets following the divestment of its LPG and commercial sales businesses. The three sales have totaled €750 million.
Total, meanwhile, is buying out ERG’s 51% stake in the JV’s lubricants activities that will consequently be terminated.
Created in 2010, TotalErg is the fourth-largest fuel marketer in Italy, a fragmented market where the profitability outlook was not in line with the Total’s expectations, the French supermajor said.
