The European Commission has approved French major Total’s takeover of Engie’s upstream LNG business, it announced on Thursday.
The commission said it had concluded that the acquisition did not pose competition concerns in the sector. Total said in November last year that the deal was valued at $1.49 billion.
The portfolio includes long-term LNG sales-and-purchase agreements as well as participating interests in liquefaction plants – notably the Cameron LNG project in the United States.
It also covers Engie’s LNG tanker fleet and provides access to regasification...