Total, Cepsa to merge petroleum product activities in Portugal
French oil group Total said it is to merge its petroleum product operations in Portugal with those of Spanish partner Cia Espanola de Petroleos SA (Cepsa).
No financial terms were disclosed.
Total said the move will give the combined entity a market share of 11 percent, supported by a network of 300 service stations and a stronger position in specialty products such as lubricants, bitumen, aviation fuel and liquefied petroleum gas (LPG).
Cepsa is to manage the new company while the service stations are to be co-branded Cepsa/Total.
Total said is has a 48.83 percent stake in Cepsa.
Source: www.hemscott.com