Total has announced the divestment of its 27.5 per cent interest in Fosmax LNG, (operator of the Fos Cavaou LNG terminal), to Elengy, Fosmax LNG’s shareholder with a 72.5% per cent stake, as a result of a competitive sale process that exercised its preemption right.
Total retains its regasification capacity of around 5.5 million tpy at the terminal, equivalent to some 90 per cent of its overall capacity. The company currently has regasification capacity of around 18 million tpy in Europe, which allows it to serve local market demand with LNG from the multiple sources in its portfolio.
As a result, Elengy now owns 100 per cent of its three LNG terminals: Fos Cavaou, Fos Tonkin and Montoir-de-Bretagne.
The consideration for the transaction is around £201 million, including acquisition of a shareholder loan and excluding any earnouts. This sale of non-strategic midstream infrastructure assets will contribute to Total’s objective of divesting £3.9 billion in 2019 and 2020.
An increase in Elengy’s capital reserved for the Société d’Infrastructures Gazières (SIG) has mainly financed its acquisition of the shares. It means the SIG now owns close to 18 per cent of Elengy’s capital, with the balance being held by GRTgaz.
For more information visit www.total.com
