Australia: In Line with Its Discipline on Capital Allocation, Total Reduces Its Stake in Ichthys LNG by 4%
TOTAL SA (TOT)
Last total sa earnings: 2/7 04:01 pm
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Source: Business Wire
PARIS--(BUSINESS WIRE)-- Regulatory News: Total (Paris:FP) (LSE:TTA) (NYSE:TOT) has signed an agreement to divest a 4% interest in the Ichthys liquefied natural gas (LNG) project in Australia to operating partner INPEX for an overall consideration of 1.6 billion USD. The transaction, which is subject to Australian regulatory approvals, reduces Total’s interest in the asset to 26%. “This transaction is part of our constant portfolio review to optimize our capital allocation. Ichthys is part of a wave of Australian LNG projects, which have unfortunately experienced major cost overruns and delays during their construction phase. The final CAPEX estimate provided by the Operator is around 45 B$ to be compared to an updated figure around 40 B$ in 2017. In line with our capital discipline policy, we have therefore decided to control our capital employed in Ichthys by monetizing a 4% stake after the pro
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