India: Total Signs 5-year LNG Supply Agreement ...
India: Total Signs 5-year LNG Supply Agreement with ArcelorMittal Nippon Steel
TOTAL
Total (Paris:FP) (LSE:TTA) (NYSE:TOT) and ArcelorMittal Nippon Steel1 (AMNS) have signed an agreement for the supply of up to 500,000 tons of liquefied natural gas (LNG) per year until 2026.
The LNG will be sourced from Total’s global portfolio and offloaded either in Dahej or Hazira LNG Terminal, on the West Coast of India. AMNS will use the LNG to run its steel and power plants located in Hazira, Gujarat state.
“We are pleased to partner with AMNS and to supply the growing industrial LNG demand in India, a country that aims to more than double the share of natural gas in its energy mix by 2030 compared to today,” said Thomas Maurisse, Senior Vice President LNG at Total. “The supply of LNGwill contribute to the reduction of AMNS’s carbon emissions, in line with Total’s ambition to offer its customers energy products that emit less CO2 and to support them in their own low-carbon strategies.”
This agreement strengthens Total’s relationship with AMNS and contributes to the decarbonization of India’s steel industry, which still rely heavily on coal.
Total, Second Largest Private Global LNG Player
Total is the world's second largest privately owned LNG player, with a global portfolio of nearly 50 Mt/y by 2025 and a global market share of around 10%. Thanks to its interests in liquefaction plants in Angola, Australia, Egypt, the United Arab Emirates, the United States, Nigeria, Norway, Oman, Russia and Qatar, the company markets LNG on all world markets. Total also benefits from strong and diversified positions throughout the LNG value chain, including gas production, LNG transportation, LNG trading, and some recent development in the LNG industry for maritime transport.
About Total
Total is a broad energy company that produces and markets fuels, natural gas and electricity. Our 100,000 employees are committed to better energy that is more affordable, more reliable, cleaner and accessible to as many people as possible. Active in more than 130 countries, our ambition is to become the responsible energy major.
Cautionary Note
This press release, from which no legal consequences may be drawn, is for information purposes only. The entities in which TOTAL SE directly or indirectly owns investments are separate legal entities. TOTAL SE has no liability for their acts or omissions. In this document, the terms “Total”, “Total Group” and Group are sometimes used for convenience. Likewise, the words “we”, “us” and “our” may also be used to refer to subsidiaries in general or to those who work for them.
This document may contain forward-looking information and statements that are based on a number of economic data and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future and are subject to a number of risk factors. Neither TOTAL SE nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise.
1 AMNS India is a joint venture between ArcelorMittal (60%) and Nippon Steel (40%).
Total
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View source version on businesswire.com: https://www.businesswire.com/news/home/20210520005389/en/
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