This agreement notably allows to extend the existing supply contracts for 3 additional years in order to provide 2 million tons per year of Algerian LNG to the French market, primarily through the LNG terminal at Fos Cavaou. The agreement also includes the sub-charter of an LNG tanker of Total by Sonatrach.
"This agreement is part of the long history of cooperation between Total and Sonatrach. Thanks to the quality of our relationship we were able to conclude it in an extremely volatile market environment. This new contract further enhances the flexibility of Total's LNG portfolio and strengthens our position as a major partner of Sonatrach,” said Laurent Vivier, President Gas of Total.
Total in Algeria
Total has been a historic player in the energy sector in Algeria for almost 70 years. The group is active in oil and gas exploration and production (participating interests in the TFT II and Timimoun gas fields and in the oil fields of the Berkine basin), as well as in liquefied natural gas through supply contracts with Sonatrach. The group is also active in the marketing of lubricants and bitumens. In addition, Total and Sonatrach have launched engineering studies for a petrochemical project in Western Algeria.
Total, 2nd Largest Private Global LNG Player
Total is the second-largest private global LNG player, with an overall portfolio of around 50 Mt/y by 2025 and a worldwide market share of 10%. With over 34 Mt of LNG sold in 2019, the Group has solid and diversified positions across the LNG value chain. Through its stakes in liquefaction plants located in Qatar, Nigeria, Russia, Norway, Oman, Egypt, the United Arab Emirates, the United States, Australia or Angola, the Group sells LNG in all markets.
Date: Jun 29, 2020