Total to Sell TIGF Natural Gas Network for $3.26 Billion

Bloomberg reported that Total SA is in talks with Snam SpA (SRG), Electricite de France SA and the Government of Singapore Investment Corp to sell the TIGF natural gas network for 2.4 billion euros ($3.26 billion).

As quoted in the market report:

The selected group will “support TIGF in its further development, while meeting commitments made to TIGF’s employees and partners,” Paris-based Total said in a statement yesterday. The unit, which has 5,000 kilometers (3,100 miles) of pipelines and more than a fifth of the country’s storage capacity, drew seven initial bids, Total Chairman and Chief Executive Officer Christophe de Margerie said in November.

To view the whole Bloomberg report, click here.