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UPDATE 1-Total explores partnership for Port Arthur refinery logistics assets

Published 2016-06-16, 11:47 a/m
UPDATE 1-Total explores partnership for Port Arthur refinery logistics assets
TTEF
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PARIS, June 16 (Reuters) - French oil and gas company Total
TOTF.PA 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.

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