Total to Acquire Toshiba LNG portfolio

Total announced that it has signed an agreement with Toshiba to acquire its portfolio of LNG, including a 20-year tolling agreement for 2.2 million tonnes per annum of LNG from Freeport LNG train 3 in Texas and the corresponding gas transportation agreements on the pipelines feeding the terminal. The press release states that “[u]nder the transaction, Total will acquire all the shares of Toshiba America LNG corporation for a consideration of 15 million USD to be paid by Total to Toshiba and will be assigned all contracts related to their LNG business by Toshiba Energy Systems and Solutions Corp. for a consideration of 815 million USD to be paid by Toshiba to Total. Total will therefore receive from Toshiba a net cash consideration of 800 million USD payable at the closing date. . . . The transaction is expected to close by the end of 2019.”

Back to top