Total shores up LNG market share with Engie asset grab
The French supermajor's acquisition gives it access to 10% of the global LNG market, second only to Shell
Total's acquisition of Engie's liquefied natural gas assets significantly strengthens the French supermajor's gas portfolio. For French utility company Engie, it offers an exit route from its upstream operations and reduces its exposure to energy-price volatility. Total has agreed to acquire all of Engie's upstream LNG assets, for around $1.49bn-$2bn.The final amount will depend on future oil price movements. These include its stakes in the Cameron LNG plant on the Louisiana coast and other liquefaction plants, as well as long-term LNG sales and purchase agreements, an LNG tanker fleet and access to regasification capacities in Europe. The deal, which requires regulatory approval, is expecte
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