France’s Engie has reached an agreement to sell its upstream and midstream LNG businesses to compatriot energy major Total for up to $2.04bn.
Engie says it has received a firm and binding offer from Total for the sale of its liquefaction, shipping and international LNG trading. The price includes an earn-out of $550m based on future oil market developments.
The company manages 12 LNG carriers, including two floating storage and regasification units plus one LNG bunker vessel and has stakes in liquefaction projects in Norway, Egypt and the upcoming Cameron LNG in the US.
