France's Total sells its Italian gas business to UGI
9/22/2017
PARIS (Reuters) — French oil and gas major Total has sold its gas business in Italy, Total Italia Gas, a subsidiary of its Italian joint venture TotalErg, to UGI Corp, 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 JV with ERG that controls close to 2,600 service stations in Italy and has a market share of around 11%.
Total and UGI declined to comment.
Reporting by Bate Felix; Editing by Luke Baker and Mark Potter
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