Total SA (TOT) said it signed agreement with ERG to create a joint venture in the Italian marketing and refining business. Created through the merger of Total Italia and ERG Petroli, the joint venture will be called TotalErg and will operate under both the Total and ERG brands. TotalErg will not consolidate either TOTAL Italia's aviation and AS 24 payment card operations or ERG Petroli's refining and marketing operations in Sicily.
Total and Erg will hold equity stakes of 49% and 51% respectively in the joint venture.
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