27th Aug 2018 11:57
LA DEFENSE (Alliance News) - Total SA announced it has signed a binding letter of intent with Royal Dutch Shell PLC for the sale of its 26% minority equity stake in Hazira liquefied natural gas regasification terminal in India.
Total has also signed an agreement to sell 0.5 million tons of liquefied natural gas per year to Shell over 5 years, on a delivery basis to supply the markets of India and neighbouring countries. The deliveries will be sourced from Total's global LNG portfolio and are expected to begin in 2019.
"This deal enables Total to capture value through an asset disposal, while the LNG sales contract allows us to maintain the balance of our LNG portfolio," said Philippe Sauquet, President Gas, Renewables and Power.
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