French oil major Total S.A. ( TOTF.PA ) is selling a 50 percent stake in its sole U.S. refinery in Port Arthur, Texas, and has retained investment bank Lazard to advise on the deal, according to a source familiar with the matter. The French oil major, which has been trying to reduce its downstream exposure for three years, intends to remain operator of the 225,000 barrel-per-day plant, which it has owned for more than 40 years, the source said. The move reflects Total’s efforts to shift more capital toward production, two people familiar with refining transactions added. Lazard and Total both declined to comment. The sale would be the latest step by a big oil company to move away from the downstream sector, which has long been considered a low-margin drag on […]