Total
takes 25% stake in Mexican LNG re-gasification terminal
Posted: 2 October 2003
The Total Group announced it has signed an agreement with an affiliate
of the Royal Dutch/ Shell group of companies to acquire a 25 per
cent stake in the Altamira LNG re-gasification terminal project.
The LNG Terminal, located in the Port of Altamira on the eastern
coast of Mexico near Tampico, is expected to start operation in
the second half of 2006. The transaction remains subject to the
approval of the relevant Mexican authorities.
Once the transaction is completed, Total will hold a 25% interest
in two project companies. One is the marketing company Gas del Litoral,
which was awarded by the Comisión Federal de Electricidad
(CFE) the contract to supply 5 billion cubic metres per annum of
natural gas for 15 years, from the new LNG re-gasification terminal.
The other project company, Terminal de LNG de Altamira, will build,
own and operate the terminal in the Port of Altamira.
"With the signing of this agreement, Total has taken yet another
important step to grow the company's worldwide LNG business,"
said Yves-Louis Darricarrère, Total Executive Vice President,
President of Gas and Power. "We are pleased to be working with
Shell to provide Mexico with a secure gas supply in Altamira that
the country needs to fuel its economic growth."
This agreement marks Total's first involvement in a LNG re-gasification
terminal. Total is already a major LNG player, commercialising close
to 6 million tonnes in 2002. The company holds stakes in five natural
gas liquefaction plants worldwide.
For more information see http://www.total.com.
Posted by Richard Price,
Editor Pipeline Magazine
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