TotalEnergies has Signed two LNG Contracts in Asia

TotalEnergies has fortified its position in the Asian market by signing two significant medium- and long-term contracts to deliver liquefied natural gas (LNG) in Asia. These agreements are set to enhance the company's LNG business and contribute to the energy security and transition of the involved countries.

The first contract is a sales and purchase agreement (SPA) with Indian Oil Corporation (IOCL), which entails delivering up to 800,000 tons of LNG annually to India for ten years starting in 2026. The second agreement, a Heads of Agreement (HoA) with Korea South-East Power, involves delivering approximately 500,000 tons per year of LNG to South Korea for five years beginning in 2027.

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These agreements allow TotalEnergies to secure medium-term outlets for its global LNG supply portfolio. They also strengthen the company's footprint in Asian LNG markets, where it is particularly committed to supporting its customers with its decarbonization strategies.

Gregory Joffroy, Senior Vice President of LNG at TotalEnergies, expressed happiness at the company's selection to supply LNG to IOCL and Korea South-East Power and emphasized the firm's ongoing dedication to these nations' energy security and transition.

TotalEnergies' Position in the LNG Market

TotalEnergies is the world's third-largest LNG player, with a global portfolio of 44 million tons per year (Mt/y) in 2023. The company benefits from an integrated position across the LNG value chain, including production, transportation, trading, and LNG bunkering. It also has access to more than 20 Mt/y of regasification capacity in Europe.

What's Next?

The company aims to increase its share of natural gas in its sales mix to nearly 50% by 2030. This initiative is part of TotalEnergies' broader ambition to reduce carbon emissions, eliminate methane emissions associated with the gas value chain, and work with local partners to promote the transition from coal to natural gas. The company is executing LNG regasification projects around the world.

Read: Woodside Signs Massive Loan Agreement for Scarborough LNG Project

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