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Total sells Spanish unit stake to Abu Dhabi for 3.7 bn euros

French oil giant Total said Wednesday it would sell its near 50-percent stake in Spanish energy group CEPSA to Abu Dhabi’s International Petroleum Investment Co. for 3.7 billion euros ($5.0 billion).

“Total has irrevocably committed to selling its shares in the offer (launched by IPIC) and will receive about 3.7 billion euros,” it said in a statement.

Total holds 48.83 percent while IPIC has built up a stake of 47.06 percent in CEPSA, which has daily refinery capacity of 528,000 barrels, some 1,750 Spanish service stations and produces about 55,000 barrels of oil per day.

Total said the sale was part of its plan to withdraw from the refinery business in Europe.

IPIC is a sovereign wealth fund wholly owned by Abu Dhabi.