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28 Aug 2018, Aleen Joy Jarasa, EMIS Editor

Total sells 26% stake in Hazira LNG venture to Shell

Shell has announced that it has signed an agreement with Total to acquire its 26% stake in Hazira LNG and Port venture in India, Business Standard has reported. The move, which is part of the company’s strategy to deepen its presence in the gas value chain in India, will allow Shell to gain commercial and operational flexibility over Hazira.

Total has also signed an agreement to sell 0.5 million tonnes of LNG per annum to Shell over the next five years. The LNG sales contract is expected to begin in 2019, Business Standard noted.

The deal would help Total in its asset disposal while the LNG sales contract would enable the company to maintain balance of its LNG portfolio, Business Standard said referring to a company statement.

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