Total announces the signature of a Memorandum of Understanding for the acquisition of Shell’s 20% stake in the Raffineria di Roma S.p.A which owns Italy’s Rome refinery, raising its own stake to 77.5%, in return for Group’s 18% interest in the Compagnie Rhénane de Raffinage S.A. which owns France’s Reichstett refinery to Shell. Definitive shareholding percentages are conditional to partners possible exercise of their right of pre-emption.

The Rome refinery has a capacity of 4 million metric tons a year and is located near the port of Fiumicino. Total’s downstream activities in Italy also include marketing automotive fuel through a network of around 1,400 service stations, as well as petroleum products, such as lubricants, asphalt and bitumen, aviation fuel, liquefied petroleum gas (LPG), fuel oil and heating oil.

Total is Europe’s largest refiner, operating 12 facilities in Europe. With this agreement, Total confirms both its commitment to strengthening its presence on the Mediterranean Rim and its growth strategy in Italy.