TOTAL has divested from Liberia and Sierra Leone.
The divestment was not from Exploration and Production (TOTAL was never in the upstream in these countries)
The French supermajor signed an agreement to sell its marketing and services businesses in both countries to Conex Oil & Gas Holdings Ltd., a regional player in petroleum products import, distribution and supply chain management in West Africa.
The asset consists of a network of 63 service stations, general trade fuel sales and petroleum products import and storage operations.
The sale of these two affiliates is expected to be completed in the second quarter of 2020.
“These sales will contribute to Total’s ongoing divestment program and demonstrate our ability to relentlessly highgrade our portfolio” commented Jean-Pierre Sbraire, TOTAL’s Chief Financial Officer.
“In the current context of low oil prices, these transactions support the action plan announced to weather the crisis.”