By OGJ editors
HOUSTON, Aug. 6 -- AgipPetroli SPA, a unit of Italy's ENI SPA, and Portuguese firm Galp Energia purchased from TotalFinaElf SA its entire gasoline distribution system and network of retail stations in Spain. The deal includes 186 stations with a total throughput of 620 million l./year. Also purchased by the two companies was a storage site on the Mediterranean Spanish coast with 100 million l. of capacity. The agreement is subject to approval by the Italian Competition Authority.
Based on the sale agreement signed by the firms, AgipPetroli will sell to TotalFinaElf 195 of its Italian retail stations with a total throughput of 270 million l./year. Galp, meanwhile, will sell to TotalFinaElf 111 of its retail stations in Portugal with a total throughput of 260 million l./year.
"The initiative is in line with AgipPetroli's target to develop its presence in the Spanish market and in particular in the eastern Mediterranean area in order to reach a market share of more than 5%," parent ENI said. "For Galp, the strengthening of its market share in Spain is part of its development strategy in the Iberian Peninsula," it added.