Worldwide

Total to Buy Engie's Upstream LNG Portfolio for $1.49 Billion

Total to Buy Engie's Upstream LNG Portfolio for $1.49 Billion”

Total (TOT -0.2%) agrees to acquire Engie's (OTCPK:ENGIY +2.4%) upstream liquefied natural gas assets for $1.5B, pushing itself into second place in the sector globally.

The French oil-and-gas company said the deal includes additional payments of up to $550 million, subject to an improvement in the oil markets in the coming years. The LNG plant is under construction in three stages to become operational in 2017, 2018 and 2019.

A portfolio of long-term LNG purchase and sale contracts will increase Total's overall portfolio to 28 MTPA by 2020, with supply from Algeria, Nigeria, Norway, Russia, Qatar and the USA, and outlets balanced between Europe and Asia.

The transaction is expected to close by mid 2018 and will have an effective date of 1st January 2018.

Engie is to sell its upstream and midstream LNG business to compatriot Total, as it refocuses its energies on downstream gas.

Engie will retain and expand its downstream LNG activities; regasification infrastructure and retail sales. Engie is nonetheless accelerating its development in its LNG downstream activities, notably in the regasification domain and the supply of LNG to its end customers.



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