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French Total acquires Engie’s upstream LNG assets worth $1.5 bln

November 09, 2017, 2:32 UTC+3 MOSCOW

The plan is to close the transaction by mid 2018

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MOSCOW, November 9. /TASS/. France’s energy operator Total has signed an agreement with Engie to acquire its portfolio of upstream liquefied natural gas (LNG) assets totally worth $1.49 bln, the company reported Wednesday.

The acquisition will allow Total "to manage an overall volume of around 40 million tonnes of LNG per year by 2020, making Total the second largest global player among the majors with a worldwide market share of 10%", Chief Executive Officer Patrick Pouyanne was quoted as saying.

With the equity stake in the Cameron LNG project, Total will become an integrated player in the US LNG market, CEO said.

The plan is to close the transaction by mid 2018.

Total is one of shareholders of Russia’s Yamal LNG project on construction of a liquefied natural gas production facility on the Yamal Peninsula in the Arctic on the basis of the Yuzhno-Tambeiskoye deposit with capacity standing at 16.5 mln tonnes per year. The project involves the creation of transport infrastructure, including a seaport and an airport near the Sabetta village. The LNG plant is under construction in three stages to become operational in 2017, 2018 and 2019.

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