TotalEnergies Inks LNG Deals with Indian Oil Corp

05 Jun 2024 CW Team

French energy major TotalEnergies has inked significant agreements with Indian Oil Corporation and Korea South-East Power for the supply of liquefied natural gas (LNG) over a medium to long term period, the company announced on Tuesday.

Under the terms of the deals, TotalEnergies will supply up to 800,000 metric tons per year of LNG to India for a decade starting from 2026, according to a statement released by the company. This agreement is part of TotalEnergies' strategy to bolster its LNG business and solidify its presence in the global market.

Additionally, TotalEnergies has entered into a heads of agreement with Korea South-East Power to provide up to 500,000 metric tons per year of LNG to South Korea for a period of five years, commencing in 2027. These agreements mark a significant step forward in the company's efforts to expand its LNG supply portfolio and cater to the growing demand for cleaner energy sources in key markets.

"These agreements align perfectly with TotalEnergies' strategic vision of strengthening its position in the LNG market and diversifying its global supply portfolio," commented a spokesperson for the company. "They represent medium-term outlets for our LNG business and underscore our commitment to delivering reliable and sustainable energy solutions to our partners worldwide."

The move comes as TotalEnergies continues to ramp up its investments in LNG infrastructure and production facilities, aiming to capitalize on the increasing demand for natural gas as a cleaner alternative to traditional fossil fuels. With these latest agreements, the company reaffirms its commitment to sustainable growth and innovation in the energy sector.

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