Total has divested its 27.5% curiosity in Fosmax LNG, operator of the Fos Cavaou liquefied pure gasoline (LNG) terminal, because of a aggressive sale course of to Elengy, Fosmax LNG’s shareholder with a 72.5% stake, that exercised its preemption proper.
The consideration for the transaction is round $260 million, together with acquisition of a shareholder mortgage and excluding any earnouts. This sale of non-strategic midstream infrastructure asset will contribute to Total’s goal of divesting 5 billion in 2019-2020.
The Group retains its regasification capability of round 5.5 million tons every year (mtpa) on the terminal, equal to some 90% of its general capability. Total at the moment has regasification capability of round 18 mtpa in Europe, permitting it to serve native market demand with LNG from the a number of sources in its world-class portfolio.
The Fos Cavaou LNG terminal at Fos-sur-Mer within the Bouches-du-Rhône area of southern France is without doubt one of the most energetic in Europe. Its location, its capability to deal with the biggest LNG carriers on this planet immediately, and its 80-hectare web site all contribute to its success.
Fos Cavaou is at a crossroads the place LNG transport routes intersect with main pure gasoline pipeline grid infrastructures. As a consequence, this terminal can ship LNG by the shortest path to all European markets through the South of France.
(Source: Total – Image: Fosmax)
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