(MENAFN) In a compulsory move to aid offset decreasing oil prices, French oil giant Total revealed that it had agreed to sell a North Sea gas terminal and two pipelines to Britain's North Sea Midstream Partners for USD905 million.
Moreover, this deal is part of Total's major plan to compensate for slumping revenue as oil prices have fallen to their lowest levels in years, a plan consisting of selling USD10 billion worth of assets by the end of 2017.
In spite of this sale and more which preceded in this year, including the sale of Germany's refinery for USD300 million, Total is still committed to gas exploration and extraction, according to its chief financial officer.
He added "The sale of these midstream transportation assets is another example of Total's strategy of active portfolio management and the strong potential to unlock value from a range of infrastructure assets."
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