Gulf Oil and Gas accountACCOUNT

Total Strengthens its US LNG Business with the Takeover of Toshiba’s LNG

Source: www.gulfoilandgas.com 6/1/2019, Location: North America

Total has signed an agreement with Toshiba to take over its portfolio of liquefied natural gas (LNG). It includes a 20-year tolling agreement for 2.2 million tonnes per annum (Mtpa) of LNG from Freeport LNG train 3 in Texas and the corresponding gas transportation agreements on the pipelines feeding the terminal. Train 3 of the Freeport LNG plant is expected to start commercial operations by Q2 2020.

Under the transaction, Total will acquire all the shares of Toshiba America LNG corporation for a consideration of 15 million USD to be paid by Total to Toshiba and will be assigned all contracts related to their LNG business by Toshiba Energy Systems and Solutions Corp. for a consideration of 815 million USD to be paid by Toshiba to Total.

Total will therefore receive from Toshiba a net cash consideration of 800 million USD payable at the closing date.

“The takeover of Toshiba’s LNG portfolio is in line with Total’s strategy to become a major LNG portfolio player. Adding 2.2 Mtpa of LNG to our existing positions in the US, in particular Cameron LNG, will enable optimizations of the supply and operations of these LNG sources,” commented Philippe Sauquet, President Gas, Renewables and Power at Total. “Already an integrated player in the US gas market, Total is set to become one of the leading US LNG exporters by 2020 with a 7 Mtpa portfolio”.

The proposed transaction is subject to the applicable legally required approvals by the regulatory authorities and partners. The transaction is expected to close by the end of 2019.

Natural Gas News in United States >>

Cameroon >>  7/3/2020 - Victoria Oil & Gas Plc, whose wholly owned subsidiary, Gaz du Cameroun S.A . ("GDC"), the onshore gas producer and distributor with operations locate...
Argentina >>  6/29/2020 - Echo Energy, the Latin American focused upstream oil and gas company, is pleased to provide an commercial update regarding the Company's gas sales fr...

Algeria >>  6/25/2020 - SONATRACH and Total have signed an agreement renewing their partnership in the field of liquefied natural gas (LNG) for a further three (03) years. ...
Australia >>  6/23/2020 - Chevron has signed a domestic gas sale agreement with BHP Billiton Nickel West Pty Ltd (BHP Nickel West) for the delivery of natural gas from the Chev...

Algeria >>  6/18/2020 - The national oil company Sonatrach and the Tunisian Electricity and Gas Company (STEG) have decided to renew the contract to buy and sell natural gas ...
Australia >>  6/16/2020 - Santos, Western Australia’s biggest domestic gas supplier, has entered into a new gas supply agreement with Gold Fields Limited for its three gold min...

Related Categories: Coal  Electricity  General  Natural Gas  Oil 

Related Articles: Coal  Electricity  General  Natural Gas  Oil 


United States Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 | 28 | 29 | 30 | 31 | 32 | 33 | 34 | 35 | 36 | 37 | 38 | 39 | 40 | 41 | 42 | 43 | 44 | 45 | 46 | 47 | 48 | 49 | 50 | 51 | 52 | 53 | 54 | 55 | 56 | 57 | 58 | 59 | 60 | 61 | 62 | 63 | 64 | 65 | 66 | 67 | 68 | 69 | 70 | 71 | 72 | 73 | 74 | 75 | 76 | 77 |

More News

Related Links

Gulf Oil and Gas
Copyright © 2020 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.