Total Takes a 25% Stake in the Mexican LNG

abarrelfullabarrelfull wrote on 09 May 2012 13:50

October 2, 2003

The Total Group announces that it has signed an agreement with an affiliate of the Royal Dutch/ Shell group of companies to acquire a 25% stake in the Altamira LNG re-gasification terminal project. The LNG Terminal, located in the Port of Altamira on the eastern coast of Mexico near Tampico, is expected to start operation in the second half of 2006. The transaction remains subject to the approval of the relevant Mexican authorities.

Once the transaction is completed, Total will hold a 25% interest in two project companies. One is the marketing company Gas del Litoral, which was awarded by the Comisión Federal de Electricidad (CFE) the contract to supply 5 billion cubic metres per annum of natural gas for 15 years, from the new LNG re-gasification terminal. The other project company, Terminal de LNG de Altamira, will build, own and operate the terminal in the Port of Altamira.

"With the signing of this agreement, Total has taken yet another important step to grow the company's worldwide LNG business," said Yves-Louis Darricarrère, Total Executive Vice President, President of Gas and Power. "We are pleased to be working with Shell to provide Mexico with a secure gas supply in Altamira that the country needs to fuel its economic growth."
This agreement marks Total's first involvement in a LNG re-gasification terminal. Total is already a major LNG player, commercialising close to 6 million tonnes in 2002. The company holds stakes in five natural gas liquefaction plants worldwide.

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