Total Sells Its Italian Gas Business to UGI

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 joint venture with ERG 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)