Total said it has sold its 27.5 per cent interest in Fosmax LNG, operator of the Fos Cavaou liquefied natural gas (LNG) terminal to Elengy for around US$260 million.
Elengy is Fosmax LNG’s shareholder with a 72.5 per cent stake and the company exercised its preemption right to purchase the remaining stake from Total.
The consideration for the transaction includes the acquisition of a shareholder loan and excludes any earnouts. This sale of non-strategic midstream infrastructure asset will contribute to Total’s objective of divesting US$5 billion in 2019-2020, the company said in a statement.
Total said it retains its regasification capacity of around 5.5 million tons per annum (mtpa) at the terminal, equivalent to some 90 per cent of its overall capacity. Total currently has regasification capacity of around 18 mtpa in Europe, allowing it to serve local market demand with LNG from the multiple sources in its world-class portfolio.