Italy: Total's CEO confirms disinvestment in TotalErg

Total will look to disinvest in its Italian gas station joint-venture with ERG next year, confirmed Chief Executive Officer Patrick Pouyanne in a conference with investors.

TotalErg, with a network of 2,600 gas stations and 11% of market share, is a joint venture formed by French oil giant Total and Italian renewable energy group Erg.

Pouyanne told investors Total would be looking to disinvest, monetize or reposition in those European countries where its market share is too low, mentioning Italy as a target for next year.

Formed in 2010 through the merger of Total Italia and Erg Petroli, the joint venture is controlled by Erg with a 51 percent stake while Total holds the remaining 49 percent.