The oil company plans to reduce its stakes in the retail network, concentrating them in places where it has a large market share.

French oil company TotalEnergies has agreed to sell a network of some 240 retail service stations, as well as ethanol and oil product storage facilities in Brazil, to a subsidiary of Grupo Argentina, the company said Friday.

The amount of the transaction was not announced.

Total will maintain its lubricant blending and distribution activities in Brazil.

SIM Distribuidora , the buyer, has more than 500 service stations, in addition to lubricant and aviation fuel distribution activities.

In January, Total sold its German and Dutch service stations, as well as a 60% stake in its stations in Belgium and Luxembourg, to Alimentation Couche-Tard for around 3.4 billion euros.

The French company has said it plans to reduce its stakes in the retail network, concentrating them in places where it has a large market share.