TotalEnergies inks two Asian LNG supply deals

French energy giant TotalEnergies has entered into deals to supply liquefied natural gas (LNG) to Indian Oil and Korea South-East Power.

TotalEnergies said on Tuesday these contracts allow the firm to secure medium-term outlets for its global LNG supply portfolio, and they also strengthen the company’s footprint in Asian markets.

The Paris-based firm signed a sales and purchase agreement (SPA) with Indian Oil (IOCL) for the delivery to India of up to 800,000 tons per year of LNG for ten years from 2026.

TotalEnergies also signed a heads of agreement (HoA) with Korea South-East Power (KOEN) for the delivery to South Korea of up to around 500,000 tons per year of LNG for five years from 2027.

The company did not provide further details regarding the deals.

During the first quarter, TotalEnergies sold 10.7 million tonnes of LNG, down 3 percent compared to 11 million tonnes in the same period last year mainly due to lower demand in Europe.

This was also down 9 percent compared to 11.8 million tonnes in the prior quarter.

The company’s LNG sales decreased 8 percent year-on-year to 44.3 million tonnes in 2023.

TotalEnergies says it is the world’s third largest LNG player with a global portfolio of 44 million tonnes per year in 2023 thanks to its interests in liquefaction plants in all geographies.

The company benefits from an integrated position across the LNG value chain, including production, transportation, access to more than 20 million tonnes per year of regasification capacity in Europe, trading, and LNG bunkering.

Most Popular

Aramco eyes large LNG portfolio

Aramco's long-term ambition is to have a portfolio of 20 million tonnes per annum (mtpa) of LNG capacity, according to Aramco’s CEO, Amin Nasser.

Argentina’s Southern Energy takes FID on second FLNG

Argentina's Southern Energy takes FID on second FLNG

Energy Transfer in advanced talks to sell remaining Lake Charles LNG volumes

Texas-based Energy Transfer is in advanced discussions for the sale of the remaining offtake volumes from its proposed Lake Charles LNG export facility in Louisiana, according to its management.

More News Like This

Trafigura pens LNG supply deal with Indian Oil

LNG trader Trafigura has signed a five-year LNG supply deal with Indian Oil in New Delhi this week.

Hudong-Zhonghua to build another LNG bunkering vessel for TotalEnergies

China’s Hudong-Zhonghua said it had secured another order to build one 18,600-cbm LNG bunkering vessel for French energy giant TotalEnergies and Spain's shipping firm Ibaizabal.

TotalEnergies working on Mozambique LNG restart, CEO says

France's TotalEnergies and its partners in the giant Mozambique LNG project are still working with the Mozambique government on restarting construction on the 12.8 mtpa project, according to Patrick Pouyanne, CEO of TotalEnergies.

TotalEnergies reports higher LNG sales, lower earnings

French energy giant TotalEnergies reported higher LNG sales in the second quarter of this year, while its integrated LNG business logged lower adjusted net operating income due to lower prices.