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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.
