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Total and Shenergy created a new joint venture to market the LNG in China

French energy major did not disclose the financial terms of the deal

Total and Shenergy created a new joint venture to market the LNG in China

Shanghai, March 23 - Neftegaz.RU. French Total signed an agreement with Chinese Shenergy Group, to supply for sale in China up to 1.4 million tonnes of LNG annually, the company announced today.

As part of the joint venture plans, Total will also supply LNG to Shanghai Gas, the natural gas subsidiary of Shenergy Group, for its distribution business.
It will be delivered to Shenergy’s Chinese LNG terminals

Stéphane Michel, President Gas, Renewables & Power at Total said:
  • This deal is a great opportunity to partner with an experienced Gas & LNG player with strong ambitions, as well as a unique entry point into the downstream LNG market in China
  • This partnership is in line with our strategy to grow along the entire gas value chain
  • LNG is playing a key role in meeting the growing demand for natural gas, especially in China where we are pleased to contribute to the diversification of the energy mix
Wang Zhehong, VP of Shenergy Group stated:
  • Shenergy is very pleased to sign this partnership agreement with Total, which secures a long-term, reliable supply of LNG for the Yangtze River Delta
  • The JV with Total will develop the LNG downstream market and support the objective of Shenergy to improve the air quality and reduce emissions in the region
The LNG supply to the JV and Shanghai gas distribution business will be sourced from global LNG portfolio of Total through a long-term LNG sale & purchase agreement ramping up to 1.4 million tons per annum for a term of 20 years.

Total is the world's 2nd largest privately owned LNG player, with a global portfolio of nearly 50 Mtpa by 2025 and a global market share of around 10%.

Source : Neftegaz.RU

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