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France's Total sells its Italian gas business to UGI: source
September 22, 2017 / 5:24 PM / a month ago

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

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

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 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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