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France's Total sells its Italian gas business to UGI: source
September 22, 2017 / 5:22 PM / 2 months ago

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

PARIS (Reuters) - French oil and gas major Total (TOTF.PA) has sold its gas business in Italy, Total Italia Gas, a subsidiary of its Italian joint venture TotalErg, to UGI Corp (UGI.N), an industry source said on Friday.

The logo of French oil giant Total is pictured at the entrance of the CSTJF Total Research Center in Pau, Soutwestern France, April 5, 2016. REUTERS/Regis Duvignau

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 (ERG.MI) 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.

Reporting by Bate Felix; Editing by Luke Baker and Mark Potter

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