Total closes the acquisition of Engie’s upstream LNG assets
July 13, 2018
Total announces that it has closed the acquisition of Engie’s portfolio of upstream LNG assets for an overall 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 SPAs, an LNG tanker fleet as well as access to regasification capacities in Europe. Following the transaction, Total takes over the teams in charge of the upstream LNG activities at Engie.
Patrick Pouyanné, Chairman & CEO of Total comments that acquiring Engie’s LNG business is a real step change for Total allowing it to leverage size and flexibility in the fast growing and increasingly commoditized LNG market. He also mentions this transaction makes Total the second largest global LNG player with a worldwide market share of 10% and the group will manage an overall LNG portfolio of around 40 MTPA by 2020.
Edited from Total press release.