Italy’s TotalErg completes sale of over 2,600 fuel stations to API
Total and Italian energy group ERG agreed to sell their jointly-owned Italian petrol station network to the Italian refiner API, reports Reuters.
The transaction completes the sale of fuel marketing and refining assets, amounting to around €750 million, in the TotalErg joint venture. The assets include 2,600 petrol stations, a logistics hub in Rome, and 25.16 percent of a refinery in northern Italy.
Total, meanwhile, is set to buy Erg’s 51% stake in the lubricants activities of the joint venture, reinforcing its lubricants business in the country.
“The buyout from Erg of the lubricants activity allows us to focus and expand this high-return business,” said Momar Nguer, President, Marketing & Services, in a company release.
TotalErg joint venture was created in 2010 and has been the fourth-largest fuel marketer in Italy.
Total, in addition, has been present in Italy for 60 years, marketing aviation and truck fuel, lubricants, additives, special fluids, and related services.
“We will maintain our presence in the truck refueling business in Italy with our European network AS24, as well as in aviation fuels,” added Nguer.
