Total acquired LNG business from Engie and became the second LNG company in the World

In a company press release, Total has signed an agreement with Engie to acquire its portfolio of upstream liquefied natural gas assets for a total value of $1.49 billion. This portfolio includes participating interests in liquefaction plants, amongst the various 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. 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.
The proposed transaction is subject to the applicable legally required consultation and notification processes with employee representatives as well as approvals by the relevant regulatory authorities and partners on certain contracts, while the transaction is expected to close by mid 2018, having an effective date of 1st January 2018.
Following the transaction, Total will take over the teams in charge of the LNG activities at Engie, which represents around 180 employees.
In addition, in parallel with this transaction, Total and Engie agreed to cooperate to promote the use of biogas and renewable hydrogen, with Engie becoming Total’s priority supplier in this field.