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French Total sells assets in Turkey for USD366m
(MENAFN) French energy giant Total has closed a deal with Turkish Demiroren Corporation to sell its filling stations in Turkey at a price of USD 366 million.
Total is currently the fifth-largest fuel supplier in Turkish market, operating a network of 440 filling stations, and it's going to sell 100 percent of Total Oil Turkey.
Furthermore, Demiroren is one of Turkey's top companies, which operates in various economic fields such as energy, construction and the media among others.
"We concluded that it would be difficult to attain a large enough retail market share to achieve the level of profitability expected for our operations worldwide," said Total's president of marketing.
Total is currently the fifth-largest fuel supplier in Turkish market, operating a network of 440 filling stations, and it's going to sell 100 percent of Total Oil Turkey.
Furthermore, Demiroren is one of Turkey's top companies, which operates in various economic fields such as energy, construction and the media among others.
"We concluded that it would be difficult to attain a large enough retail market share to achieve the level of profitability expected for our operations worldwide," said Total's president of marketing.
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