PARIS (Reuters) – Total oil and gas group TOTF.PA said on Tuesday that its Société Cray Valley business, the French subsidiary of its resins business, was not for sale.
Reuters reported earlier in October that Total was launching a sale of its resins business and had hired Credit Suisse to work on the process. Total declined to comment at this time.
While Cray Valley Company, French operations, are not part of the divestiture plan, its international resins business has been put on the block and is attracting interest from private equity buyers, people familiar with the matter said. .
Cray Valley operates the Carling petrochemical complex in eastern France and does business elsewhere, including China.
Total said in a statement that “there is no sales process for the ‘Cray Valley Company’.
The oil company said it was meeting commitments made in 2013 during the restructuring of the Carling site, closing some activities there but investing in the production of resins.
Total declined to comment further when asked if other resin businesses were affected by a sales process.