Total, API sign agreement
10 November 2017
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.