Total is acquiring a portfolio of liquefied natural gas owned by Toshiba.
Total will acquire all the shares of Toshiba America in the liquefied natural gas business as part of $815 million agreement.
The transaction is expected to be closed by the end of 2019, if the two parties secure the required leagal approvals from regulatory authorities.
Philippe Sauquet, president of Gas, Renewables and Power at Total, said: “The takeover of Toshiba’s LNG portfolio is in line with Total’s strategy to become a major LNG portfolio player. Adding 2.2 Mtpa of LNG to our existing positions in the US, in particular Cameron LNG, will enable optimisations of the supply and operations of these LNG sources.
“Already an integrated player in the US gas market, Total is set to become one of the leading US LNG exporters by 2020 with a 7 Mtpa portfolio”.
Total has an overall liquefied natural gas portfolio of around 40 Mtpa by 2020 and a worldwide market share of 10%.
The firm sold 21.8 million tonnes of liquefied natural gas in 2018.