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Total sells interest in Fos Cavaou regasification terminal

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LNG Industry,

Total has announced that it has divested its 27.5% interest in Fosmax LNG – the operator of the Fos Cavaou LNG terminal – as a result of a competitive sale process to Elengy, Fosmax LNG’s shareholder with a 72.5% stake, that exercised its pre-emption right.

According to the statement, the consideration for the transaction is approximately US$260 million, including acquisition of a shareholder loan and excluding any earn-outs. Total claims that this sale of a non-strategic midstream infrastructure asset will contribute to the company’s objective of divesting US$5 billion in 2019 – 2020.

The Group retains its regasification capacity of approximately 5.5 million tpy at the terminal, which is equivalent to around 90% of its overall capacity. According to the statement, Total currently has regasification capacity of approximately 18 million tpy in Europe, enabling it to serve local market demand with LNG from the multiple sources in its world-class portfolio.

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