Total takes on Toshiba's US LNG business after Chinese buyer pulls out

PARIS/TOKYO: Total will take over Toshiba's U.S. liquefied natural gas business and get US$800 million cash from the Japanese group as part of the deal, the companies said on Saturday, weeks after attempts to sell it to a Chinese buyer fell through.

Toshiba was locked into a contract to pay a fixed processing fee for LNG over 20 years from Freeport LNG - regardless of whether it could later find buyers for the fuel at prevailing rates. "The takeover of Toshiba's LNG portfolio is in line with Total's strategy to become a major LNG portfolio player," the French company said in a statement.It added that the purchase would add 2.2 million tonnes per annum of LNG to its U.S. business, which would"enable optimizations of the supply and operations of these LNG sources."

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