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Total closes acquisition of Engie’s upstream LNG business, becomes world No2 LNG player

Staff Writer |
Total announced the closing of the acquisition of Engie’s portfolio of upstream liquefied natural gas (LNG) assets for an overall enterprise value of $1.5 billion.

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Additional payments of up to $550 million could be payable by Total in case of an improvement in the oil markets in the coming years.

This portfolio includes participating interests in liquefaction plants, notably the interest in the Cameron LNG project in the U.S., long term LNG sales and purchase agreements, an LNG tanker fleet as well as access to regasification capacities in Europe.

Following the transaction, Total takes over the teams in charge of the upstream LNG activities at Engie.

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