Total joins top LNG players with the acquisition of Engie's LNG business
On 8 November, Engie confirmed an agreement with Total for the sale of its upstream and midstream LNG activities for US$1.49 billion. Total reports the deal will provide the company with 2.5 Mt of liquefaction, a fleet of 10 LNG tankers, 14 mmtpa of regas capacity in Europe and a portfolio of long-term LNG sales and purchase agreements. Engie will retain and focus on LNG downstream activities, including regas participations and regasified LNG sales to customers. The transaction is expected to close in mid-2018 and could entail additional payments of up to US$550 million subject to future oil prices.