Total has acquired Engie's portfolio of upstream LNG assets, including interest in the Cameron LNG project in the US, for $1.5 billion.
The portfolio includes participating interested in liquefaction plants, including the Cameron LNG project, long term LNG sales and purchase agreements, an LNG tanker fleet as well as access to regasification capacities in Europe.
Patrick Pouyanné, chairman and CEO of Total, says: 'Acquiring Engie's LNG business is a real step change for Total allowing us to leverage size and flexibility in the fast growing and increasingly commoditised LNG market.
'This transaction makes Total the second largest global LNG plater among the majors with a worldwide market share of 10% and the group will manage an overall LNG portfolio of around 40 mt per year by 2020.
'It also helps us to build a position in the US LNG market with the 16.6% stake in the Cameron LNG project.'
Total's LNG portfolio by 2020 will comprise a total volume of LNG managed of 40 mt/year, a liquefaction capacity portfolio of 23 mt/year in the Middle East, Australia, Russia and the US, a fleet of 18 LNG carriers and a role of key supplier for the European market with regasification capacities of 18 mt/year.
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