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
Walt Disney Co. confirmed that its upcoming streaming service Disney+ will launch in five countries, including the U.S., in November this year. The company has reached global agreements with major platforms to distribute the Disney+ app across partner mobile and connected TV devices. Disney+ will launch in the U.S., Canada and the Netherlands on November 12. Corporate America is committed to providing long-term economic benefit to all people rather than focusing on just shareholders' interests, Business Roundtable said Monday. The updated statement on the "purpose of a corporation" moves away from the principles of shareholder primacy that has been endorsed since 1997, and redefines corporate responsibility. Club Car, a unit of Ingersoll Rand Inc., withdrew 12,313 gas utility and transport vehicles in two recalls over concerns of fire and burn hazards due to fuel leak. These include about 2,013 vehicles that were sold in Canada. Club Car makes electric and gas-powered golf cars and utility task vehicles (UTVs) for personal and commercial use.
Follow RTT