Total takes stake in Mexican LNG terminal at Altamira

By OGJ editors

HOUSTON, Oct. 3 -- Marking its first involvement with an LNG regasification terminal, France's Total SA reported signing an agreement with Royal Dutch/Shell Group to acquire a 25% stake in the Altamria LNG regasification terminal project.

The terminal, to be built near Port of Altamira on the eastern coast of Mexico near Tampico, is due to start operation during the second half of 2006.

If approved by Mexican authorities, Total's stake acquisition will mean it holds a 25% interest in two of the LNG projects companies—marketing firm Gas del Litoral and Terminal de LNG de Altamira. The former has been awarded a 15-year contract from the Comisión Federal de Electricidad to supply 5 billion cu m/year of natural gas from the new regasification terminal and the latter will build, own, and operate the terminal.

Already a major player in the LNG market, Total currently commercialized nearly 6 million tonnes of LNG during 2002 and holds stakes in five NGL plants worldwide, the company said.

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