Ardian and EDF Invest Acquire Further Stake In Geosel From LyondellBasell
Transport Stockage Hydrocarbures (TSH), the joint subsidiary of Ardian andEDF , has announced that it has completed the acquisition of a 26.7% stake in oil storage company Géosel from Basell Polyolefines, the multinational manufacturers of polyolefin (LyondellBasell group). TSH already owned a majority stake in Géosel following the acquisition of a 50.1% stake in the company from Total in 2015.
With this latest transaction, TSH now owns 76.7% of Geosel, alongside Petroineos Manufacturing France (19.9%) and Total (3.4%). The exiting shareholder, Basell Polyolefines France, will continue to use Géosel’s infrastructure for its own needs. With a capacity of almost 9 million cubic meters, Géosel owns a critical site for the management of French national oil reserves. The company is based in Manosque, Alpes-deHaute-Provence (France) and operates underground storage caverns and related pipelines linked to the seaport of Fos, Marseille (France), and the petrochemical facilities of Etang de Berre (Fos, Lavera, France).
TSH, alongside its co-shareholders, aims at preserving the company’s operational excellence and will pursue its long-term development as one of the most important and best performing sites in the sector in Europe. Commenting on the closing of the deal, Guillaume d’Engremont, Managing Director of EDF Invest and Mathias Burghardt, Head of Ardian Infrastructure, said: “We are very pleased, through TSH, to further strengthen our investment in Géosel and to reinforce our long-term commitment to the sector.”
Géosel owns the Manosque underground storage facility in southeastern France and pipelines linking the facility to the oil ports in Fos and Lavéra, also in the same region. With a capacity of close to 9 million cubic meters, Géosel’s underground liquid hydrocarbon storage facility is one of the largest of its kind in Europe. It represents about 20% of France’s total hydrocarbon storage capacity and is primarily used to store around 40% of the country’s strategic reserves
Source: Ardian press release