Total Sells Its Retail Network Assets In Turkey - Quick Facts

(RTTNews) - Total S.A. (TTA.L, TOT) announced it has signed an agreement to sell its service station network and commercial sales, supply and logistics assets located in Turkey to Demirören for 325 million euros.

Philippe Boisseau, Member of Total's Executive Committee, said: "After operating in Turkey for several years, we conducted an in-depth review of our position and the competitive environment. We concluded that it would be difficult to attain a large enough retail market share to achieve the level of profitability expected for our operations worldwide."

The company said it will maintain a petroleum product marketing presence in Turkey through its lubricant activities, including a blending plant in Menemen and odorless LPG operations. The two businesses will be transferred to a separate company.