French oil company closes billions for gas agreement from Engie

The Total French oil company announced on Friday a 1.5 billion dollar agreement to acquire Engie's "upstream" business of liquefied Natural gas (LNG), which will make it the world's second largest player in this market.

Under the agreement, the Total said that it would make additional payments of up to 550 million dollars to Engie if there was an improvement in the oil markets next year.

The CEO of the company, Patrick Pouyanne, said in a statement that the agreement will give the company a worldwide market share of 10%.

The agreement will allow the group to manage a global LNG portfolio of around 40 million tonnes per year to 2020, in addition to increasing its share in the North American market, with a slice of 16,6% in the Cameron LNG project of Engie. Source: Exam.

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