Total takes over French contract for Algerian gas supply

Total has taken over the contract to supply Algerian gas to France as part of a wider agreement to buy liquefied natural gas (LNG) assets from another major French company, Engie. The deal, agreed in early November, should become effective from 1 January and is expected to close by mid-2018. Total is buying Engie’s worldwide LNG assets for as much as $2.04bn, including interests in liquefaction plants, long-term LNG sales and purchase agreements, a fleet of ten tankers (to add to Total’s three existing carriers) and access to regasification capacity.