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.

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