Total snaps up slice of GLNG

France’s Total has agreed to buy a 20% stake in Australia’s Gladstone liquefied natural gas project from Santos and

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Malaysia’s Petronas.

Santos said viagra 50mg it was selling a 15% stake for A$650 million ($597.4 million), with Total buying 5%

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from Petronas.

Santos will now own 45% of the project, while Petronas will have 35% and Paris-based Total 20%.

Santos said it had signed a binding offtake agreement with Petronas and Total for 5 million tons per annum (Mtpa), raising its supply deal with Petronas from 2 Mtpa to 3.5 Mtpa.

The 20-year offtake agreements with Total and Petronas will begin in 2014, when the project will produce its first cargo, pending a final investment decision on the project.

Total, a leading LNG producer with interests in a number of LNG projects worldwide, also owns a 24% stake in the Icthys LNG project in Australia’s Browse basin.

Santos plans to make an investment decision on the first production train at Gladstone by year-end, while an approval for the second train is due about a year later.

Earlier this month, sources said Korea Gas Corporation (KOGAS) aimed to buy a roughly 10% stake in the project and take more than 2 million tonnes a year in LNG, reported Reuters

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