Total puts LPG unit on block

FRANCE TOTAL UTS ENERGY28 April 2014, News Wires – France’s Total has put its liquefied natural gas (LPG) marketing unit up for sale and has already received numerous expressions of interest, according to a report.

TotalGaz has attracted interest from investment funds such as First Reserve, PAI Partners, Pamplona and Platinum, French daily Les Echoes reported on Monday.

Some rival businesses may also be in the hunt for the subsidiary, it claimed.

The newspaper reported last month that the supermajor was looking to offload the wing, setting its sights on getting around €700 million ($970.92 million) for it.

The sale process was expected to kick off this month.

TotalGaz employs about 500 staff in France and, as well as LPG, is involved in the distribution of butane and propane.


– Upstream

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