Total Sells Equity in India’s Hazira Terminal...
Total Sells Equity in India’s Hazira Terminal and Signs LNG Sales Agreement with Shell
TOTAL
Total (Paris:FP) (LSE:TTA) (NYSE:TOT) has signed a binding Letter of Intent (LOI) with Shell for the sale of its 26% minority equity stake in Hazira LNG regasification terminal in India. The transaction remains subject to the approval of regulatory authorities.
In parallel, Total has signed an agreement to sell 0.5 million tons of liquefied natural gas (LNG) per year to Shell over 5 years, on a delivery basis to supply the markets of India and neighboring 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. “We remain committed to supply the Indian subcontinent, which is a key market experiencing strong growth in LNG demand.â€
About Total
Total is a global integrated energy producer and
provider, a leading international oil and gas company, and a major
player in low-carbon energies. Our 98,000 employees are committed to
better energy that is safer, cleaner, more efficient, more innovative
and accessible to as many people as possible. As a responsible corporate
citizen, we focus on ensuring that our operations in more than 130
countries worldwide consistently deliver economic, social and
environmental benefits.
* * * * *
Cautionary note
This press release, from which no legal
consequences may be drawn, is for information purposes only. The
entities in which TOTAL S.A. directly or indirectly owns investments are
separate legal entities. TOTAL S.A. has no liability for their acts or
omissions. In this document, the terms “Total†and “Total Group†are
sometimes used for convenience where general references are made to
TOTAL S.A. and/or its subsidiaries. Likewise, the words “weâ€, “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 S.A. 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.
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