French oil major Total SA (TOT) Tuesday said it is looking for potential buyers for TIGF, its natural gas pipeline operator in Southwestern France, as part of a strategy to focus on oil and gas extraction.
French oil major Total SA (TOT) Tuesday said it is looking for potential
buyers for TIGF, its natural gas pipeline operator in
Southwestern
France
, as part of a strategy to focus on oil and gas extraction.
Total will ask the potential buyers to keep jobs, working conditions and the
company's headquarters in the southwestern town of
Pau
, the
statement said. Total owns 100% of TIGF, which employs 500 people and generates
353 million euros ($459 million) a year in revenue. The company hasn't
specified the amount it expects to raise from the sale.
Total has said it plans to sell between $15 billion and $20 billion worth of
assets over the next two years and restructure its refining and chemicals
business to raise cash for new oil and gas extraction projects to meet its
target of boosting oil production by 3% a year until 2015.
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