Total SA looking to maintain full operational and management control
PARIS, June 16 (Reuters) – French oil and gas company Total SA said it had been in talks in the last year with potential investors for the logistics side of its Port Arthur refinery in the United States.
Reuters reported on Wednesday that Total had decided not to sell a 50 percent stake in the 225,000 barrels-per-day refinery, almost a year after it asked investment bank Lazard to advise on the deal.
“In the last year we have been in discussions with potential investors to create a JV partnership for the Port Arthur,” a spokesman for the company told Reuters.
“During this time it has become clear that investors would be very interested in participating in a JV involving the logistics assets of the refinery. So we have adjusted our strategy and we are thus exploring a partnership for these assets,” the spokesman said.
The company said it will maintain full operational and management control of the refinery and the logistics assets. It added that the capacity of the refinery operations will not be impacted.
Port Arthur is Total’s only U.S plant which it has owned for more than 40 years.
(Reporting by Bate Felix; Editing by Andrew Callus and Elaine Hardcastle)