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. Last Updated: 07/27/2016

Total to Sell Assets

PARIS -- French oil company Total's acquisition of Petrofina of Belgium will result in the sale of assets worth up to 10 billion francs ($1.78 billion) over two years, Total managing director Thierry Desmarest said Thursday.

The money from the sales would be used "to help finance our very ambitious development program for exploration and production," Desmarest said.

He said at a shareholders meeting that part of the money would also be used to buy back more Total shares on the market. The company acquired about 3 million shares in December.