Total Sells Its Interest in Milford Haven Refinery

Total has reached an agreement to sell its 70% interest in the Milford Haven refinery in Wales to its partner Murco Petroleum. Upon completion of the transaction, Murco will be the sole owner of the 5.3-million-ton-per-year facility and the sole employer of the refinery workforce. The transaction is expected to be finalised by the end of the year.

The divestment in the Milford Haven refinery will allow Total to concentrate its U.K. refining operations at the wholly-owned Lindsey Oil Refinery. With a capacity of 10 million metric tons, the Lindsey Oil Refinery matches Total's marketing needs in the U.K. The Group recently embarked on a €300-million capital investment program to meet growing demand for low-sulfur diesel.

The transaction reflects Total's strategy of upgrading its industrial base and enhancing its performance by adjusting to market trends and assertively managing assets, while meeting increasingly stringent product quality and environmental standards.

Total markets nearly 10 million tons of petroleum products a year in the United Kingdom, where it has 900 service stations. The Group is also a major oil and gas producer in the U.K. sector of the North Sea and has a number of chemicals subsidiaries in the United Kingdom.

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Posted 03/09/07

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