Total strengthens US LNG business

Total is to take over Toshiba’s LNG portfolio in a deal valued at some $800mn. The arrangement includes a 20-year tolling agreement for 2.2mn t/y of LNG from Freeport LNG train 3 in Texas, due onstream in 2Q2020, and the corresponding gas transportation agreements on the pipelines feeding the terminal.

‘The takeover of Toshiba’s LNG portfolio is in line with Total’s strategy to become a major LNG portfolio player. Adding 2.2mn t/y of LNG to our existing positions in the US, in particular Cameron LNG, will enable optimisations 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 7mn t/y portfolio.’

Total is currently the second-largest private global LNG player, claiming an overall LNG portfolio of around 40mn t/y by 2020 and a worldwide market share of 10%. With 21.8mn tonnes of LNG sold in 2018, the Group has solid and diversified positions across the LNG value chain. It has stakes in liquefaction plants located in Qatar, Nigeria, Russia, Norway, Oman, Egypt, the United Arab Emirates, the US, Australia, Angola and Yemen, selling LNG in all global markets.