TotalEnergies has announced the signing of two major LNG contracts in Asia. The company has entered into a sale and purchase agreement (SPA) with Indian Oil Corporation (IOCL) to supply up to 800,000 tons per year of LNG for a decade starting in 2026.
In addition, it has established a contract with Korea South-East Power to deliver approximately 500,000 tons of LNG per year for five years starting in 2027. These contracts strengthen LNG’s global supply portfolio. LNG SUPPLY PORTFOLIO portfolio and consolidate TotalEnergies’ presence in key Asian markets.
TotalEnergies seeks to reduce carbon emissions
The company is focused on supporting its customers in their decarbonization efforts and contributing to energy security and the transition to cleaner energy sources in the countries involved.
In parallel to these agreements, TotalEnergies is investing in carbon capture and storage (CCS) technologies to further reduce its carbon footprint. The company has launched several pilot projects in Europe and North America, with the aim of capturing millions of tons ofCO2 annually and storing it safely underground. This initiative is part of its broader strategy to achieve carbon neutrality by 2050.
TotalEnergies grows in Asia with new LNG contracts
“We are very pleased to have been selected by IOCL and Korea South-East Power to supply LNG to India and Korea. These agreements enable us to contribute to the energy security and energy transition of these countries, with which we have a long-term commitment.“said Gregory Joffroy, senior vice president of LNG at TotalEnergies.
TotalEnergies is currently the world’s third-largest player in the LNG market, with a global portfolio of 44 million tons per year in 2023. The company has stakes in liquefaction plants in several regions, giving it an integrated position in the entire LNG value chain. This includes production, transportation, regasification capacity in Europe, and the marketing and supply of LNG. LNG .
In addition, with the ambition to increase the share of natural gas in its sales mix to around 50% by 2030, TotalEnergies seeks to reduce carbon emissions and promote the transition from coal to natural gas in collaboration with its local partners.
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Source: pgjonline
Photo: Shutterstock
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