PARIS: 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.
