Total Closes the acquisition of Engie’s Upstream LNG Business And Becomes World #2 LNG Player
13 Juillet 2018 - 10:55AM
Business Wire
Regulatory News:
Total (Paris:FP) (LSE:TTA) (NYSE:TOT) announces the closing of
the acquisition of Engie’s portfolio of upstream liquefied natural
gas (LNG) assets for an overall enterprise value of $1.5 billion.
Additional payments of up to $ 550 million could be payable by
Total in case of an improvement in the oil markets in the coming
years.
This portfolio includes participating interests in liquefaction
plants, notably the interest in the Cameron LNG project in the US,
long term LNG sales and purchase agreements, an LNG tanker fleet as
well as access to regasification capacities in Europe.
“Acquiring Engie’s LNG business is a real step change for Total
allowing us to leverage size and flexibility in the fast growing
and increasingly commoditized LNG market. 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.
Following the transaction, Total takes over the teams in charge
of the upstream LNG activities at Engie.
Total’s LNG portfolio by 2020 :
- A total volume of LNG managed of 40Mt /
year.
- A liquefaction capacity portfolio of 23
MT/year, well distributed among the major LNG production areas:
Middle East, Australia, Russia and the United States.
- A worldwide LNG trading contracts
portfolio of 28 MT/year to supply each LNG market with competitive
and flexible resources.
- A role of a key supplier for the
European market with regasification capacities of 18 MT/year.
- A fleet of 18 LNG carriers, of which 2
FSRUs (floating storage and regasification units).
About Total
Total is a global integrated energy producer and provider, a
leading international oil and gas company, a major player in
low-carbon energies. Our 98,000 employees are committed to better
energy that is safer, cleaner, more efficient, more innovative and
accessible to as many people as possible. As a responsible
corporate citizen, we focus on ensuring that our operations in more
than 130 countries worldwide consistently deliver economic, social
and environmental benefits.
* * * * *
Cautionary noteThis press release, from which no legal
consequences may be drawn, is for information purposes only. The
entities in which TOTAL S.A. directly or indirectly owns
investments are separate legal entities. TOTAL S.A. has no
liability for their acts or omissions. In this document, the terms
“Total” and “Total Group” are sometimes used for convenience where
general references are made to TOTAL S.A. and/or its subsidiaries.
Likewise, the words “we”, “us” and “our” may also be used to refer
to subsidiaries in general or to those who work for them.This
document may contain forward-looking information and statements
that are based on a number of economic data and assumptions made in
a given economic, competitive and regulatory environment. They may
prove to be inaccurate in the future and are subject to a number of
risk factors. Neither TOTAL S.A. nor any of its subsidiaries
assumes any obligation to update publicly any forward-looking
information or statement, objectives or trends contained in this
document whether as a result of new information, future events or
otherwise.
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