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Total Sells Interest in the Fos Cavaou Regasification Terminal

Gasoil News - Published on Mon, 17 Feb 2020

Image Source: Total
Total has divested its 27.5% interest in Fosmax LNG, operator of the Fos Cavaou liquefied natural gas terminal, as a result of a competitive sale process to Elengy, Fosmax LNG’s shareholder with a 72.5% stake, that exercised its preemption right. The consideration for the transaction is around USD 260 million, including acquisition of a shareholder loan and excluding any earnouts. This sale of non-strategic midstream infrastructure asset will contribute to Total’s objective of divesting five billion dollars in 2019-2020.

The Group retains its regasification capacity of around 5.5 million tonnes per annum at the terminal, equivalent to some 90% of its overall capacity. Total currently has regasification capacity of around 18 million tonnes per annum in Europe, allowing it to serve local market demand with LNG from the multiple sources in its world-class portfolio.

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Posted By : Nishith Sharma on Mon, 17 Feb 2020
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