Total Buys 25% Stake in Ecoslops
French multinational integrated oil and gas company Total S.A. has signed an agreement with Ecoslops S.A. that gives the oil major a 25% interest in its affiliate Ecoslops Provence.
Ecoslops Provence is building a unit to regenerate oil residues at Total’s La Mède complex. The new facility is scheduled to come on stream in late 2019.
Total is providing Ecoslops Provence with access to existing infrastructure and the services and utilities the unit needs to operate.
“Thanks to our partnership with Total, we’ve been able to maximize the synergies between our activities and make our move into the Marseille region much simpler and less expensive," said Ecoslops Chief Executive Officer Vincent Favier at the signing ceremony.
Vincent added: "Our financial partners and the regional authorities, without which we couldn’t have financed the new unit, are, of course, also responsible for the project’s success. Lastly, I’d like to stress that more than 75% of the construction-related contracts, worth €16 million, will be awarded to local or national companies, underscoring French know-how.”
“We’re delighted to step up our collaboration with Ecoslops by acquiring an interest in their Provence affiliate. The unit being built reinforces the industrial repurposing of our site to future energies, through a circular economy project,” added François Bourrasse, manager of Total’s La Mède complex.