Total seeks buyers for its gas Pipeline operator unit TIGF

10/17/2012

Total seeks buyers for its gas Pipeline operator unit TIGF

BY INTI LANDAURO

PARIS -- Total 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 $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.

Dow Jones Newswires

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