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TotalEnergies SE (NYSE:TTE) shares are trading higher on Monday. The company inked a Heads of Agreement (HoA) with Sinopec to supply 2 million tons of LNG annually over a 15-year period, beginning in 2028.
The company is reinforcing its long-term position in China’s LNG market through this agreement with Sinopec.
This collaboration stems from the strategic cooperation signed earlier this year during President Xi Jinping’s state visit to France.
Stéphane Michel, President Gas, Renewables & Power at TotalEnergies, said, “We are delighted to have been chosen by Sinopec to supply 2 million tons of LNG to China, the largest LNG importing country in the world. This new agreement demonstrates the competitiveness of TotalEnergies’ LNG business and allows us to continue growing our long-term sales in Asia.”
Niu Shuanwen, Senior Vice President of Sinopec Corporation, stated, “Sinopec and TotalEnergies are strategic partners. This HoA further strengthens the cooperation between the two companies in natural gas. Natural gas is an important enabler for realizing energy transition and dual carbon goals.”
Last month, the company reported a third-quarter EPS of $1.74, below expectations; revenue tops at $52.02 billion, compared to the estimated $46.21 billion.
Investors can gain exposure to the stock via Advisor Managed Portfolios Miller Value Partners Appreciation ETF (NYSE:MVPA) and Octane All-Cap Value Energy ETF (NASDAQ:OCTA).
Price Action: TTE shares are up 0.80% to $62.97 at the last check Monday.
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