Total To Close One Storage Plant, Sell Another One
08.02.10, 14:45 Uhr
PARIS -(Dow Jones)- French oil giant Total SA (TOT) is planning to sell a storage unit, close one and transfer operational management to partners at three others in France, a spokesman for the company said Monday.
The group also plans to boost investment at one other storage plant, the spokesman said.
Earlier Monday, unions at Total had said the group planned to close one storage and sell another five as part of a reorganization plan of its refinery operations.
The storage unit located in Ouistreham, in Normandy, is expected to be sold to local company Societe Les Combustible de Normandie while activities should stop at the Pontet unit, in Vaucluse, Southern France.
Operational management at storage units of Sain-Julien, Le Mans and Hauconcourt will be transferred to partners while Total will remain a shareholder, the spokesman added.
Finally, the group is to invest "several million euros" in the storage unit of Port-La-Nouvelle in Southern France, the spokesman said.
The trade unions had said five storage units to be divested will be transferred to either Total subsidiaries or competitors.
The plan is to be implemented by mid-2011, as the current negotiations with employees representatives has started, the spokesman also said.
Earlier Monday, unions at Total had said the group planned to close one storage and sell another five as part of a reorganization plan of its refinery operations.
The storage unit located in Ouistreham, in Normandy, is expected to be sold to local company Societe Les Combustible de Normandie while activities should stop at the Pontet unit, in Vaucluse, Southern France.
Operational management at storage units of Sain-Julien, Le Mans and Hauconcourt will be transferred to partners while Total will remain a shareholder, the spokesman added.
Finally, the group is to invest "several million euros" in the storage unit of Port-La-Nouvelle in Southern France, the spokesman said.
The trade unions had said five storage units to be divested will be transferred to either Total subsidiaries or competitors.
The plan is to be implemented by mid-2011, as the current negotiations with employees representatives has started, the spokesman also said.
Company web site: www.total.com
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