Total Appoints Banks to Sell TotalGaz

France’s Total is reported to be interested in selling TotalGaz, the company specialized in LPG, gas tanks, gas bottles, gas network and autogas.

According to the French newspaper Les Echos, Total has given a mandate to two banks to conduct the operations, which should start in April. The Paris-based company is said to expect 750 million euros from the sale.

Total is trying to capitalize its non-core businesses, while pushing on value-creating projects to counterbalance rising costs. Earlier this year, the company reported lower profits and increased net investments.

A few days ago, GDF Suez said that Gaztransport & Technigaz’s floatation is a question of days.

GGT, the engineering company owned by GDF Suez (40%), Total (30%) and private equity fund Hellman & Friedman (30%), will promote an initial public offering (IPO) in the next hours, according to GDF Suez.