Total Explores Partnership for Port Arthur Refinery Logistics Assets
French oil and gas company Total said on Thursday that it was exploring a partnership deal for the logistics part of its 225,000 barrels-per-day Port Arthur refinery in the United States and had been in talks in the last year with potential investors.
Reuters reported on Wednesday that Total had decided not to sell a 50 percent stake in the refinery almost a year after it retained 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 Refinery," 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.
(Reporting by Bate Felix)