Total, API sign agreement

Total and Erg have signed an agreement with the Italian Group API to sell their fuel marketing and refining assets in the TotalErg joint venture (Erg 51%, Total 49%). Following the divestment of the LPG and Commercial Sales businesses, this third transaction completes the sale of all TotalErg’s assets, for a total amount of around EUR 750M.

In parallel with this agreement, Total is reinforcing its lubricants business in Italy by buying out Erg’s 51% stake in the lubricants activities of the joint venture that will consequently be terminated.

Created in 2010 by merging the Total and Erg activities, TotalErg is the fourth-largest fuel marketer in Italy.

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