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TotalEnergies SE (NYSE:TTE) on Monday inked a Sales and Purchase Agreement (SPA) with Ksi Lisims LNG to buy 2 million tonnes per annum (Mtpa) of liquefied natural gas (LNG) for 20 years.
Concurrently, TotalEnergies is acquiring a 5% stake in Western LNG, the developer, shareholder, and future operator of the Ksi Lisims LNG project.
This acquisition also allows TotalEnergies to increase its stake in Western LNG and/or directly invest up to around 10% in the plant once the final investment decision is made.
The Ksi Lisims LNG project, a planned 12 Mtpa LNG liquefaction facility, is located on Canada’s Pacific coast in British Columbia. It provides prime access to Asia, the largest LNG market.
Designed to be fully electrified and powered by hydroelectricity, Ksi Lisims LNG is expected to be one of the lowest CO2-emitting LNG projects globally.
Stéphane Michel, President of Gas, Renewables & Power at TotalEnergies, said, “This purchase of LNG from the future Ksi Lisims LNG plant will allow us to diversify our LNG portfolio in North America and benefit from competitive LNG supply in Western Canada to better serve our Asian customers, with whom we are developing a significant portfolio of long-term supply contracts.”
Last week, the company disclosed that it has agreed with HitecVision, a Norwegian energy investment firm, to sell a 50% stake in Polska Grupa Biogazowa (PGB) for an enterprise value of 190 million euros ($213 million).
Investors can gain exposure to the stock via FT Energy Income Partners Strategy ETF (NYSE:EIPX) and First Trust Exchange-Traded Fund VIII FT Energy Income Partners Enhanced Income ETF (NYSE:EIPI).
Price Action: TTE shares are trading lower by 0.03% to $59.37 premarket at last check Tuesday.
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