TotalEnergies Strengthens Commitment to Decarbonization Through New LNG Contracts in India and Korea

TotalEnergies Strengthens Commitment to Decarbonization Through New LNG Contracts in India and Korea

(IN BRIEF) TotalEnergies has announced two pivotal LNG contracts in Asia, signifying a strategic expansion in its LNG business. The agreements include a sales and purchase agreement (SPA) with Indian Oil Corporation (IOCL) for the delivery of up to 800,000 tons per year of LNG to India over ten years starting from 2026, and an agreement (HoA) with Korea South-East Power for around 500,000 tons per year of LNG to South Korea for five years beginning in 2027. These contracts not only provide TotalEnergies with medium-term outlets for its global LNG supply portfolio but also underscore its commitment to supporting decarbonization efforts in these countries. TotalEnergies, currently the world’s third-largest LNG player, aims to significantly increase the share of natural gas in its sales mix by 2030 while reducing carbon emissions and promoting the transition from coal to natural gas.

(PRESS RELEASE) PARIS, 5-June-2024 — /EuropaWire/ — TotalEnergies (EPA:TTE), a global multi-energy company with over 100,000 employees and presence in more than 130 countries as well as the world’s 3rd-largest low-carbon LNG company, has reinforced its commitment to expanding its liquefied natural gas (LNG) business with the announcement of two significant contracts in Asia. These agreements, marking a strategic move for TotalEnergies, include a sales and purchase agreement (SPA) with Indian Oil Corporation (IOCL) and an agreement (HoA) with Korea South-East Power.

The SPA with IOCL entails the delivery of up to 800,000 tons per year of LNG to India over a decade starting from 2026. Additionally, the HoA with Korea South-East Power will see the delivery of approximately 500,000 tons per year of LNG to South Korea for five years beginning in 2027. These deals not only provide TotalEnergies with medium-term outlets for its global LNG supply portfolio but also reinforce its presence in Asian markets, where the company is deeply committed to supporting customers with their decarbonization strategies.

Gregory Joffroy, Senior Vice President of LNG at TotalEnergies, expressed enthusiasm about these agreements, stating, “We are delighted to have been selected by IOCL and Korea South-East Power to supply LNG to India and Korea. These contracts enable us to contribute to the energy security and transition of these countries, to which we have an enduring commitment.”

TotalEnergies stands as the world’s third-largest LNG player, boasting a global portfolio of 44 million tons per year (Mt/y) in 2023. This status is underpinned by its involvement in liquefaction plants across various geographies. Moreover, the company’s integrated position across the LNG value chain, encompassing production, transportation, access to over 20 Mt/y of regasification capacity in Europe, trading, and LNG bunkering, solidifies its position in the market.

TotalEnergies aims to elevate the share of natural gas in its sales mix to nearly 50% by 2030, with a focus on reducing carbon emissions and eliminating methane emissions associated with the gas value chain. The company also seeks to collaborate with local partners to facilitate the transition from coal to natural gas, aligning with its broader sustainability goals.

TotalEnergies, the world’s third largest LNG player

TotalEnergies is the world’s third largest LNG player with a global portfolio of 44 Mt/y 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 Mt/y of regasification capacity in Europe, trading, and LNG bunkering. TotalEnergies’ ambition is to increase the share of natural gas in its sales mix to close to 50% by 2030, to reduce carbon emissions and eliminate methane emissions associated with the gas value chain, and to work with local partners to promote the transition from coal to natural gas.

About TotalEnergies

TotalEnergies is a global integrated energy company that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity. Our more than 100,000 employees are committed to provide as many people as possible with energy that is more reliable, more affordable and more sustainable. Active in about 120 countries, TotalEnergies places sustainability at the heart of its strategy, its projects and its operations.

Cautionary Note
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SOURCE: TotalEnergies