TotalEnergies signed an agreement to sell the fuel distribution business in Brazil to SIM Distribuidora, from the Argento group, the French company announced this Friday.
The transaction involves a network of around 240 fueling stations and storage facilities for petroleum products and ethanol.
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The value of the operation was not disclosed and is still subject to approval from authorities.
According to TotalEnergies, the divestment reflects the “selective” strategy in marketing & services in the retail chain business, focusing on geographies where the company has more relevant market shares. The company will maintain its lubricant mixing and distribution activities in Brazil.
(By Letícia Fucuchima)
