Italy's ERG SpA (ERG.MI) said it signed a joint venture agreement with the Italian branch of Total SA (TOT) that will create the country's third-largest network of gas stations.

The joint venture, to be called Totalrg, will have a retail market share of nearly 13% with over 3,400 service stations in the euro zone's third-largest economy, the companies said in a statement released late Wednesday.

The venture will also be active in the refining business, with a capacity of roughly 116,000 barrels a day or 8% of national demand, the companies said.

The project has to be submitted to competition authorities. Once approved, Erg will own a 51% stake in the venture while Total will hold the remaining 49%.

Erg has a market capitalization of EUR1.4 billion.

-By Christopher Emsden, Dow Jones Newswires; +39-06 6976 6921; chris.emsden@dowjones.com
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