A joint subsidiary of Ardian and EDF Invest has increased its majority stake in Géosel, a French oil storage firm, to 76.7 percent.
The joint vehicle, called Transport Stockage Hydrocarbures, acquired a 26.7 percent stake from Basell Polyolefines for an undisclosed price. TSH already owned a 50.1 percent stake, which it bought from French oil firm Total in December 2015. That share was valued at approximately €250 million at the time of that transaction.
Basell Polyolefines will continue to use Géosel’s infrastructure, according to Ardian. Total still holds a 3.4 percent share in the company, while Petroineos Manufacturing France owns the remaining 19.9 percent.
Based in France’s Alpes-de-Haute-Provence, Géosel owns the Manosque underground storage facility, in south-eastern France, as well as pipelines connecting to oil ports in Fos and Lavéra. Géosel holds a capacity of nearly 9 million cubic metres of liquid hydrocarbon storage.
This summer, Ardian bought a 44 percent stake in Société du Pipeline Méditerranée Rhône, a French operator of refined pipeline networks, from Total and BP. That deal made Ardian the largest shareholder in SPMR, which owns and operates a 760km-long pipeline network.