French energy group Total had sold its 27.5% interest in Fosmax LNG, which operates France’s Fos Cavaou liquefied natural gas (LNG) terminal to Elengy.
A subsidiary of GRTgaz within the Engie Group, Elengy was Fosmax LNG’s majority shareholder with a 72.5% stake.
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
The Fos Cavaou LNG terminal is located at Fos-sur-Mer near the Cavaou peninsula in southern France. It is spread across an area of 80ha.
With this deal, Elengy now owns a 100% stake in Fosmax LNG, as well as 100% of the Fos Tonkin and Montoir-de-Bretagne terminals.
Total noted that the sale of the stake is valued at $260m, including the acquisition of a shareholder loan and excluding any earn-outs.
The divestment of this non-strategic midstream infrastructure asset is part of Total’s plans to sell $5bn worth of assets in 2019-2020.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataTotal mentioned that its current regasification capacity stands at 18Mtpa in Europe.
The company retains its regasification capacity of around 5.5Mtpa at the LNG terminal.
In a press statement, Elengy said: “For Elengy, the European leader in LNG terminals, and for its shareholders, this acquisition reflects the ambition to increase the industrial development of its sites at Fos-sur-Mer: Fos Cavaou and Fos Tonkin, at a time when LNG enjoys a new boom to support ecological transition.”
In May 2018, Elengy and Fosmax LNG started works on adapting the Fos Cavaou LNG terminal for LNG bunkering service.
