TotalEnergies Inks Two LNG Supply Deals in Asia

Tuesday, June 4, 2024

TotalEnergies has signed two new medium and long-term contracts with Korea South-East Power and Indian Oil Corporation (IOCL) for the supply of LNG in Asia.

TotalEnergies reached a sales and purchase agreement (SPA) with Indian Oil Corporation (IOCL) for the delivery to India of up to 800,000 tons per year of LNG for ten years from 2026.

Also, the French energy giant signed an agreement (HoA) with Korea South-East Power for the delivery to South Korea of up to around 500,000 tons per year of LNG for five years from 2027.

These agreements allow TotalEnergies to secure medium-term outlets for its global LNG supply portfolio.

They also strengthen the company's footprint in Asian markets, where it is particularly committed to supporting its customers with their decarbonization strategies.

“We are delighted to have been selected by IOCL and Korea South-East Power to supply LNG to India and Korea. These contracts enable us to contribute to the energy security and transition of these countries, to which we have an enduring commitment,” said Gregory Joffroy, Senior Vice President, LNG at TotalEnergies.

TotalEnergies is the world’s third largest LNG player with a global portfolio of 44 Mt/y in 2023 thanks to its interests in liquefaction plants in all geographies.

The company’s ambition is to increase the share of natural gas in its sales mix to close to 50% by 2030.

Categories: LNG Industry News Activity Europe Asia Oil and Gas

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