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French oil and gas major Total said on Wednesday it has reached an agreement to buy the liquefied natural gas (LNG) assets of energy group Engie in a deal worth $1.5 billion.
Total said the portfolio includes all of Engie’s LNG trading and liquefaction assets. which will enable it become one of the world’s top LNG players with a 10 percent market share from 6 percent currently. making it second behind rival Shell.
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. it said.
The companies confirmed in October that they were in talks over Engie’s global liquefied natural gas (LNG) assets.
