Ardian and EDF Invest, as equal shareholders in a consortium, today announce that they have signed an agreement for the acquisition of a majority stake in Géosel, the oil storage company based in Manosque, Alpes-de-Haute-Provence (France), from Total, the multinational oil and gas company.
Following the transaction, Total will retain a minority stake and will continue to use Géosel’s infrastructure for its own needs.
With a capacity of almost 9 million m3, Géosel owns a critical site for the management of the French national oil reserves. The company operates underground storage caverns and related pipelines linked to the seaport of Fos, Marseille (France), and to the petrochemical facilities of Etand de Berre (Fos, Lavera, France).
As long term infrastructure investors, Ardian and EDF Invest aim to ensure the maintenance of Géosel’s operational excellence, which enjoys one of the most important and performing sites of the sector in Europe.
This investment reinforces Ardian’s position in the oil storage and transport sector, and highlights its will to build long term partnerships. It is also a new step in the growth and diversification strategy of EDF Invest, the leading French long term investor.
This transaction is expected to be finalized by the end of 2015. It is still to be submitted to the approval of the other shareholders of Géosel, Basell Polyolefines, the multi-national manufacturers of polyolefin, France and Petroineos Manufacturing France, the French refinery operator, and from regulatory and antitrust authorities.
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