(Reuters) – TotalEnergies announced on Wednesday that it has signed a framework agreement with U.S. liquefied natural gas (LNG) developer NextDecade that will see the Texas-based company’s long-delayed Rio Grande export project go live. construction stage.
The agreement includes a 17.5% stake in NextDecade in three tranches for a total amount of 219 million dollars (203 million euros), which strengthens TotalEnergies’ position on the market. The French energy company aims to sell nearly 50 million tonnes of LNG by 2025.
“Our participation in this project will add 5.4 million tonnes per year of LNG to our global portfolio, strengthening our ability to participate in securing gas supply to Europe and to provide our Asian customers with alternative energy. , half the emissions of coal,” said Patrick Pouyanné, Chairman and CEO of TotalEnergies, in a statement.
NextDecade had until June 15 to greenlight the first phase of its $15.7 billion Rio Grande LNG project to retain its construction contract with Bechtel Energy. The company had indicated that it expected to approve the first three of five planned liquefaction units by the end of the month.
(Report Sudip Kar-Gupta, Curtis Williams and Scott DiSavino, Kate Entringer)
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