Companies & Finance

Total acquires Engie’s upstream LNG business

Total has signed a $1.49 billion agreement with French utility Engie to acquire its portfolio of upstream LNG assets.
By Staff reporter 9 November 2017 0 28312

Total has signed a $1.49 billion agreement with French utility Engie to acquire its portfolio of upstream LNG assets, Total announced in a statement on Wednesday.

The portfolio includes Engie’s 16.6% equity share in the Cameron LNG project in the United States and its 5% equity stake in the first train of Idku LNG in Egypt. It also includes long-term LNG sales-and-purchase agreements that will enable Total to increase the size of its LNG portfolio to 28 mtpa by 2020. In addition,...