Bloomberg News

Total’s Ichthys LNG Stake Increase Delayed as Late as Year-End

March 17, 2012

Total SA (FP), Europe’s third-largest oil company, will finish increasing its stake in Australia’s Ichthys liquefied natural-gas venture by the end of the year, later than planned.

The company was “a little too optimistic” when it said Feb. 10 that the deal would be completed within weeks, Chairman and Chief Executive Officer Christophe de Margerie said today in Beijing. He declined to comment on whether the transaction would be finished in the first or the second half of 2012.

Total has 24 percent of Ichthys, while Japan’s Inpex Corp. (1605) owns about 73 percent. The Paris-based company has no plans for now to take a larger stake in Gladstone, another Australian LNG project, De Margerie told reporters.

The company continues to “actively manage its asset portfolio” and is selling off “non-strategic” assets, it said Feb. 10. Total has said it expects output to increase this year after a decline in 2011 and has pledged to take more risks in looking for oil and gas.

Total has signed an agreement to take a 20 percent stake in China’s Zhanjiang refinery project, De Margerie said.

To contact Bloomberg News staff for this story: Chua Baizhen in Beijing at +86-10-6649-7561 or bchua14@bloomberg.net

To contact the reporter on this story: Chua Baizhen in Beijing at bchua14@bloomberg.net

To contact the editor responsible for this story: Alexander Kwiatkowski at akwiatkowsk2@bloomberg.net


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