Total divests share in Fos Cavao LNG terminal

Total has divested its 27.5% interest in Fosmax LNG, operator of the Fos Cavaou liquefied natural gas (LNG) terminal, as a result of a competitive sale process to Elengy, Fosmax LNG’s shareholder with a 72.5% stake, that exercised its preemption right.

The consideration for the transaction is around US$260 million, including the acquisition of a shareholder loan and excluding any earnouts.

Total retains its regasification capacity of around 5.5 million tons per annum (mtpa) at the terminal, equivalent to some 90% of its overall capacity.