Report: Engie keeping LNG business, sheds oil, coal

Contrary to recent reports, Engie of France is not planning to sell its liquefied natural gas business, but it is looking to stop its coal and oil production activities. 

Speaking to Reuters, Engie CEO Isabelle Kocher declined the claims by the company’s CGT union that Engie is looking to reorganize and possibly sell its LNG business.

She stressed that gas, and shipping natural gas to countries that are in the process of transiting from coal-fired power generation to using natural gas for power production, is the focus of the company’s business.

The company is looking to exit oil and gas exploration within the next three years, however, coal activities could be running beyond 2018.

Current market conditions, however, have had an effect on the company’s earnings, forcing the company to adjust to lower prices.

Engie’s Global Energy Management and LNG unit reported a loss before tax of €39 million (US$44 million).

Kocher also denied media reports that the company could cut 1,150 jobs in various functions, saying that there are no plans for large-scale job cuts or redundancies.

LNG World News Staff