Total will take over Toshiba’s U.S. liquefied natural gas business and get $800 million cash from the Japanese group as part of the deal, the companies said on Saturday, weeks after attempts to sell it to a Chinese buyer fell through.
The French energy major is paying $15 million for the shares in the Texan assets, the firms said. Toshiba will also pay Total $815 million to take over all the contracts linked to the business, Total added. Toshiba was locked into a contract to pay a fixed processing fee for LNG over 20 years from Freeport LNG - regardless of whether it could later find buyers for the fuel at prevailing rates.
“The takeover of Toshiba’s LNG portfolio is in line with Total’s strategy to become a major LNG portfolio player,” the French company said in a statement.
Yea China pulled out of Alaskas 46 billion dollar LNG project and purchasing seafood. Alaska was already hurting and now Trump is killing us! Putin laughing spreads his wings.
Good
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