PARIS (Reuters) - French oil and gas major Total (PA:TOTF) has sold its gas business in Italy, Total Italia Gas, a subsidiary of its Italian joint venture TotalErg, to UGI Corp (N:UGI), an industry source said on Friday.
The sale is part of a move by the company to sells its assets in the Italian downstream retail market.
Total has said it plans to sell TotalErg, a joint venture with ERG (MI:ERG) that controls close to 2,600 service stations in Italy and has a market share of around 11 percent.
Total and UGI declined to comment.