Total said Monday it had finalized the Eur3.7 billion ($5.26 billion) sale of its 48.83% interest in Spanish refiner Cepsa to Abu Dhabi's International Petroleum Investment Company (IPIC) in line with an agreement made in February.
The French major said the sale enabled it 'to further reduce its exposure to European refining' and that it had already cut its European refining capacity by nearly 25%, or 550,000 b/d, since early 2007.
IPIC, wholly owned by the government of the UAE, held a 47.06% interest in Cepsa before it launched a takeover bid earlier this year.
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