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TotalEnergies sells Gladstone LNG facilities

The French major continues to trim its portfolio

TotalEnergies subsidiary Total GLNG Australia (TGA) has sold the downstream facilities of the Gladstone LNG (GLNG) project to equity fund Global Infrastructure Partners (GIP) for more than $750mn, effective 1 January this year. Under the deal, GIP will receive a toll based on TGA’s share of the gas processed by Gladstone for 15 years. The transferred facilities comprise the project’s two-train liquefaction plant and a 400km pipeline network connecting Gladstone to the Fairview, Arcadia, Roma and Scotia gas fields. TGA retains its 27.5pc stake in the GLNG joint venture itself, alongside ASX-listed Santos (30pc), Malaysia’s state-owned Petronas (27.5pc) and South Korean utility Kogas (15pc).

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