logo
Plus   Neg
Share
Email

Total To Buy Toshiba's LNG Portfolio

Total (TTA.L,TTFNF.PK,TOT) said it agreed to buy portfolio of liquefied natural gas from Toshiba. It includes a 20-year tolling agreement for 2.2 million tonnes per annum or Mtpa of LNG from Freeport LNG train 3 in Texas and the corresponding gas transportation agreements on the pipelines feeding the terminal. The transaction is expected to close by the end of 2019.

It is expected that Train 3 of the Freeport LNG plant will start commercial operations by the second-quarter of 2020.

As per the deal, Total will acquire all the shares of Toshiba America LNG corporation for a consideration of $15 million 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 to be paid by Toshiba to Total.

So, Total will receive from Toshiba a net cash consideration of $800 million payable at the closing date.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Lawyers for the state of Oklahoma urged a judge on Monday to hold Johnson & Johnson (JNJ) responsible for the country's opioid epidemic. Oklahoma Attorney General Mike Hunter, in his closing arguments of the eight-week trial in Cleveland County, called the pharmaceutical company the "Kingpin" behind... Pizza chain Blaze Pizza has announced plans to offer a keto-diet-approved pizza crust, which will only have 6 grams of carbs. The pizza chain will swap flour for ingredients like flaxseeds, eggs, and cheese to offer the first-ever official keto-diet approved pizza. "As the first national chain... Even as Amazon.com Inc. kicked off its Prime Day annual shopping event on Monday, employees are expressing their dissatisfaction with the company. This year's Prime Day, Amazon's biggest celebration of deals, kick-started officially on Monday with more than one million offers for Prime Members in select countries around the world. The 48-hour extravaganza is the longest Prime Day ever.
Follow RTT