From the Field
Total sells India LNG terminal stake
PARIS, August 27, 2018 – Total has agreed to sell its 26% stake in the Hazira LNG regasification terminal in India to Shell for an undisclosed sum, the French super-major announced on Monday.
The deal, subject to regulatory approval, includes an agreement that Total will sell Shell 500,000 tonnes of LNG per year over a period of five years. It will see Shell assume full ownership of the terminal.
“This deal enables Total to capture value through an asset disposal, while the LNG sales contract allows us to maintain the balance of our LNG portfolio,” Philippe Sauquet, Total’s president for gas, renewables and power, said in a statement. “We remain committed to supply the Indian subcontinent, which is a key market experiencing strong growth in LNG demand.”