Total: finalises acquisition of Engie's LNG upstream assets
(CercleFinance.com) - Total today announces that it has completed the acquisition of Engie's upstream LNG (liquefied natural gas) portfolio of assets for an enterprise value of 1.
5 billion dollars.
Price supplements of up to 550 million dollars, may be paid by Total, in the event the oil markets improve in the coming years.
This portfolio includes interests in liquefaction plants (including the Cameron LNG project in the US), long-term LNG purchase and sale contracts, a fleet of LNG tankers, and rights of way at regasification terminals in Europe.
“This transaction makes Total the second largest global LNG player among the majors with a worldwide market share of 10% and the Group will manage an overall LNG portfolio of around 40 Mt per year by 2020. It also helps us to build a position in the US LNG market, with the 16.6% stake in the Cameron LNG project,” commented Patrick Pouyanné, Chairman & Chief Executive Officer of Total.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
5 billion dollars.
Price supplements of up to 550 million dollars, may be paid by Total, in the event the oil markets improve in the coming years.
This portfolio includes interests in liquefaction plants (including the Cameron LNG project in the US), long-term LNG purchase and sale contracts, a fleet of LNG tankers, and rights of way at regasification terminals in Europe.
“This transaction makes Total the second largest global LNG player among the majors with a worldwide market share of 10% and the Group will manage an overall LNG portfolio of around 40 Mt per year by 2020. It also helps us to build a position in the US LNG market, with the 16.6% stake in the Cameron LNG project,” commented Patrick Pouyanné, Chairman & Chief Executive Officer of Total.
Copyright (c) 2018 CercleFinance.com. All rights reserved.