France’s energy giant TotalEnergies has stepped up its liquefied natural gas (LNG) delivery game in Asia with new multi-year contracts in India and South Korea.
The French oil major has inked two new LNG medium- and long-term contracts in Asia, which enable it to grow its liquefied natural gas business.
The first deal is a ten-year sales and purchase agreement (SPA) with Indian Oil Corporation (IOCL) , which will see the firm deliver up to 800,000 tons per year of LNG to India from 2026.
The second contract is a five-year heads of agreement (HoA) with Korea South-East Power for the delivery of around 500,000 tons per year of LNG to South Korea from 2027.
Gregory Joffroy , Senior Vice President of LNG at TotalEnergies, commented: “We are delighted to have been selected by IOCL and Korea South-East Power to supply LNG to India and Korea.
“These contracts enable us to contribute to the energy security and transition of these countries, to which we have an enduring commitment.”
TotalEnergies claims that these agreements allow it to secure medium-term outlets for its global LNG supply portfolio while fortifying its footprint in Asian markets.
These deals come shortly after the French giant revealed a final investment decision (FID) for a solar-powered LNG project in Oman and another FID for an oil project offshore Angola.