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France's Total sells its Italian gas business to UGI - source

Published 22/09/2017, 18:16
© Reuters. A view shows the Total Tower, French oil giant Total headquarters, at the La Defense business and financial district in Courbevoie near Paris
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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.

© Reuters. A view shows the Total Tower, French oil giant Total headquarters, at the La Defense business and financial district in Courbevoie near Paris

Total and UGI declined to comment.

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