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Total buys Engie’s upstream LNG business for $1.5 billion

French oil major Total has signed a deal with its compatriot Engie to buy  Engie’s of upstream liquefied natural gas (LNG) business for $1.49 billion.

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

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