Reuters: Total seeks to exit Turkey fuel retailing business

• Total (TOT -0.5%) is looking to sell its fuel distribution business in Turkey and has asked Societe Generale to lead the process, Reuters reports.
• Turkey has some of the steepest fuel prices in Europe but heavy taxes and other regulations leave little profit margin for retailers, prompting TOT to seek an exit from the country, according to the report.
• TOT's market share of Turkey's fuel distribution is relatively small, with just 5% of the 80B lira ($29.4B) market.