Total to Buy Engie's Upstream LNG Portfolio for $1.49 Billion
08 Novembre 2017 - 07:09PM
Dow Jones News
By Marc Navarro Gonzalez
Total SA(FP.FR) said on Wednesday that it is buying Engie SA's
(ENGI.FR) portfolio of upstream liquefied natural gas for an
overall enterprise value of $1.49 billion.
The French oil-and-gas company said the deal includes additional
payments of up to $550 million, subject to an improvement in the
oil markets in the coming years.
Total said that by acquiring French peer Engie's upstream LNG
portfolio it will gain participating interests in liquefaction
plants, long-term liquefied natural gas purchase and sale contracts
as well as a fleet of 10 LNG tankers.
Total said it expects the acquisition to close by mid-2018, and
for it to go into effect on Jan. 1, 2018.
Following the acquisition, Total said it would take over the
teams in charge of the LNG activities at Engie, which represent
about 180 employees.
Write to Marc Navarro Gonzalez at
marc.navarrogonzalez@dowjones.com
(END) Dow Jones Newswires
November 08, 2017 12:54 ET (17:54 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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