Engie confirms review of upstream, midstream LNG business

French energy giant and LNG player Engie confirmed it has started negotiation with interested counterparties to sell its upstream and midstream LNG activities.

Following media reports claiming the company entered talks with compatriot Total to sell its LNG business, Engie said it has launched “a strategic review of its upstream and midstream LNG activities (liquefaction, transport and international trading of LNG).”

The downstream LNG activities, such as regasification and LNG ex-terminal sales, are not part of the review, the company said in its response.

“At this stage, there can be no certainty as to whether the discussions with the counterparties, including Total, will lead to any agreement,” the statement reads.

If the talks come to fruition, the LNG business would become the next in line under Engie’s portfolio rotation program unveiled in February 2016, that will see the company disposing of assets in the value of €15 billion ($17.6 billion) during the 2016-2018 period.

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