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2014-07-03 17:50:00

UGI BUYS TOTAL

UGI BUYS TOTAL

U.S. utility UGI is to buy Total's liquefied petroleum gas (LPG) distribution business in France for about 400-450 million euros ($545-$613 million), marking another step in the French oil major's efforts to shed assets in mature markets to boost returns.

Total, like industry rivals, is trying to improve shareholder returns and expand in higher-growth emerging markets. The company has already sold its shares in liquefied natural gas engineering group GTT and agreed in May to sell its stake in Azerbaijan's Shah Deniz II gas field to Turkey's state oil company TPAO for $1.45 billion.

For UGI, which has a presence in 16 European countries, the deal is an opportunity to cut costs via economies of scale and is likely to improve margins in the French market.

Total said it had entered into exclusive talks with UGI, after having received a firm offer by the U.S. group. A Total spokesman declined to comment on the amount mentioned in Wednesday's UGI statement on the proposed deal.

Total had initially put a 750 million euro price tag on the business, Les Echos reported earlier this year, but that was judged too high by potential bidders.

Totalgaz employs about 750 people including affiliates and generates annual revenues of close to 1 billion euros. It is the number 2 player in the LPG business in France, behind Butagaz and ahead of UGI, which operates in France under the Antargaz brand, which had sales of 757 million euros.

Total, which is also in talks with PetroChina to sell its stake in a Chinese refinery after nearly two decades of investment, has managed its asset portfolio more actively in the past few years.

It has sold stakes where it only had a minority interest and has sought to gain exposure to markets with a growing population where energy needs are increasing rapidly.

UGI shares, which have risen more than 20 percent in the past six months, were down marginally at $50.46 on the New York Stock Exchange by 1615 GMT. Shares in Total, also up about 20 percent this year, closed down 0.54 percent in Paris at 53 euros.

reuters.com

Tags: UGI, TOTAL, GAS, FRANCE
UGI BUYS TOTAL September, 20, 09:05:00

OIL PRICE: ABOVE $55 YET

UGI BUYS TOTAL September, 20, 09:00:00

GAS PRICES UP TO $3.146

UGI BUYS TOTAL September, 20, 08:55:00

ЦЕНА URALS: $51,81591

UGI BUYS TOTAL September, 20, 08:50:00

U.S. OIL + 79 TBD, GAS + 788 MCFD

UGI BUYS TOTAL September, 20, 08:45:00

RENEWABLE'S FUTURE

UGI BUYS TOTAL September, 20, 08:40:00

TOTAL BUYS RENEWABLE

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UGI BUYS TOTAL
September, 20, 08:35:00

BP - AZERBAIJAN OIL DEAL

BP and its partners in Azerbaijan's giant ACG oil production complex agreed Thursday to extend the production sharing contract by 25 years to 2049 and to increase the stake of state-owned SOCAR, reducing the size of their own shares.

UGI BUYS TOTAL
September, 20, 08:30:00

U.S. DEFICIT UP TO $123.1 BLN

The U.S. current-account deficit increased to $123.1 billion (preliminary) in the second quarter of 2017 from $113.5 billion (revised) in the first quarter of 2017, according to statistics released by the Bureau of Economic Analysis (BEA). The deficit increased to 2.6 percent of current-dollar gross domestic product (GDP) from 2.4 percent in the first quarter.

UGI BUYS TOTAL
September, 18, 12:35:00

OIL PRICE: ABOVE $55

U.S. West Texas Intermediate (WTI) crude futures CLc1 were trading up 41 cents, or 0.8 percent, at $50.30 by 0852 GMT, near the three-month high of $50.50 it reached last Thursday. Brent crude futures LCOc1, the benchmark for oil prices outside the United States, were at $55.91 a barrel, up 29 cents, and also not far from the near five-month high of $55.99 touched on Thursday.

UGI BUYS TOTAL
September, 18, 12:30:00

RUSSIA - CHINA - VENEZUELA OIL

“The principal risk regarding Russian and Chinese activities in Venezuela in the near term is that they will exploit the unfolding crisis, including the effect of US sanctions, to deepen their control over Venezuela’s resources, and their [financial] leverage over the country as an anti-US political and military partner,” observed R. Evan Ellis, a senior associate in the Center for Strategic and International Studies’ Americas Program.

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