Total has signed an agreement with Engie to acquire its portfolio of upstream liquefied natural gas (LNG) assets for $1.49bn. Additional payments of up to $550m are possible in case of an improvement in the oil markets. The transaction is expected to close in mid-2018 and will have an effective date of 1 January. In a statement, Total said it was “pleased that we can now offer our customers access to more than half of Canada’s LNG supply at competitive prices.”
Total has signed an agreement with Engie to acquire its portfolio of upstream liquefied natural gas (LNG) assets for $1.49bn. Additional payments of up to $550m are possible in case of an improvement in the oil markets. The transaction is expected to close in mid-2018 and will have an effective date of 1 January. Total and Engie have agreed to cooperate to promote the use of biogas and renewable hydrogen.