French oil major Total has sold its interest in the operator of the Fos Cavaou LNG Terminal to Elengy. Total held a 27.5% interest in Fosmax LNG, while Elengy held the remaining 72.5%. The share was purchased as part of competitive sale process, with Elengy exercising its pre-emption right.
The transaction is worth US$260 million and will see Elengy acquire the shareholder loan. While earnouts are not included in the deal, Total will retain around 90% of the terminal’s regasification capacity, equivalent to about 5.5 MTPA. Total has a regasification capacity of around 18 MTPA.
The move is part of Total’s plan to divest around US$5 billion in 2019-2020.
