Total becomes world’s No. 2 LNG firm

PARIS, July 16, 2018 – Total has acquired Engie’s upstream LNG assets for USD 1.5 billion, becoming the world’s second-largest LNG firm, the super-major announced on Friday.

The assets include stakes in different liquefaction and regasification facilities, notably the Cameron LNG development in the USA. Contingent on market conditions, the agreement stipulates for additional payments of up to USD 550 million by Total, the company statement added.

“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 commoditised LNG market,” Total CEO Patrick Pouyanné said. “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 [million tonnes] per year by 2020.”

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