As you probably know, Europe is planning thatban on the sale of thermal cars to promote electric vehicles to combat global warming. Even though this project is only scheduled for 2035, TotalEnergies is already taking action accordingly. How does the oil giant want to anticipate this law? We explain it all to you in this article.
2,200 gas stations sold to a Canadian brand
In 2035, the sale of new thermal vehicles could be banned. So TotalEnergies is preparing sell more than 2,000 gas stations. Based in the Netherlands, Belgium, Luxembourg and Germany, they will be sold to Couche-Tard. This Canadian distribution group is buying a total of 2,200 TotalEnergies filling stations for 3.1 billion euros.
Today, Couche-Tard is present in about twenty countries around the world. The 14,000 stores almost brought in 60 billion euros last year. They are increasingly present in Europe and market food and non-food products.
In France we don’t know much about this brand. The latter tried to settle down by trying to buy Carrefour in 2021. But the economy minister had refused, citing a risk to “French food sovereignty”. These so-called neighborhood stores often are linked to gas stations. So they depend on emergency purchases. When I tell you that they stay open very late, you understand where the surprising name of this Canadian brand comes from.
Be that as it may, it is indeed in anticipation of this halt in the sale of thermal vehicles that TotalEnergies took the decision to part with a few thousand filling stations in several European countries. For example, the oil giant wants to focus on the development of “new mobility”, namely electric and hydrogen. The group has also indicated that it intends to developing certain activities including electric charging outside gas stations, fuel wholesale and AS24 stations reserved for professionals.
TotalEnergies expects a loss of sales due to the end of sales of new thermal vehicles
With the end of thermal vehicle sales, if it does nothing, TotalEnergies risks suffering a large loss of income. Indeed, fuel sales in Europe could fall significantly. Electric cars do not need to be charged at stations. Motorists can refuel them at home or at work. Well aware of the consequences of this European law, the group was forced to make decisions upstream.
To discuss this transaction with the Couche-Tard group, TotalEnergies speaks of a “transformation to a multi-energy company”. In a recent statement, the oil giant said it intends toachieving the famous carbon neutrality in 2050.
Please note that this operation is not yet completed. The sale of these 2,200 European filling stations will not be completed until the end of this year. And this only if the competition authorities give their approval. Note that TotalEnergies has already sold several networks of filling stations in Switzerland, England and Italy in recent years.