French fuel utility Engie is in discussions with Total and different unnamed corporations because it evaluations components of its liquefied pure fuel (LNG) companies, it mentioned on Monday, elevating the prospect of a potential sale.

In an announcement Engie mentioned it had launched a strategic evaluate of its upstream and midstream LNG models – which embrace the liquefaction, transport and buying and selling of LNG – although downstream actions akin to regasification was not included.

Financial e-newsletter La Lettre de l‘Expansion had reported that Engie was in talks over a potential sale of its LNG division to Total and a deal might be reached in coming weeks.

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“At this stage, there could be no certainty as as to if the discussions with the counterparties, together with Total, will result in any settlement,” Engie mentioned.

Engie Executive Vice-President Didier Holleaux confirmed to Reuters Engie is in search of a accomplice for components of the enterprise. “To make LNG worthwhile, we must be as large as potential. So we’re in search of a accomplice,” Holleaux mentioned at a convention in Singapore.

Officials at Total couldn’t be reached for quick remark.

Engie Chief Executive Isabelle Kocher is within the midst of a restructuring that features 15 billion euros ($18 billion) value of asset gross sales and 22 billion euros of funding.

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Total plans to start out retailing fuel and energy in France by the top of this 12 months and goals to win about 2 million clients.

Source: www.reuters.com

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