Total SA entered into exclusive negotiations with a consortium led by Italian group Snam to sell its Transport et Infrastructures Gaz France (TIGF) system for $3.25 billion.
The consortium also includes Singapore’s GIC sovereign wealth fund and French power group EDF.
The proposed sale is subject to information and consultation procedures with the relevant employee representative bodies, Total said.
TIGF provides gas transmission and storage services in southwestern France. It manages a network of about 5,000 km of pipeline.
Snam accounts for 45% of the consortium, GIC 35%, and EDF 20%.