Mubasher: Total has sold its 27.5% stake in Fosmax LNG to Elengy in a deal worth around $260 million.

The French energy giant further announced that the transaction’s value includes the acquisition of a shareholder loan and excludes any earnouts, expecting the deal to contribute to its objective of divesting $5 billion in 2019-2020.

Elengy already owned a 72.5% in Fosmax LNG, the operator of the Fos Cavaou liquefied natural gas (LNG) terminal, and has exercised its preemption right in a competitive sale process.

It is worth noting that Elengy is a subsidiary of GRTgaz within the ENGIE Group.

Total added that it retains a regasification capacity of around 5.5 million tons per year at the terminal, roughly 90% of its capacity.

Furthermore, Total currently has a total regasification capacity of around 18 million tons per year across Europe.

Total revealed earlier that it is expanding its partnership with India's largest privately-owned energy and infrastructure conglomerate to form a new joint venture (JV).