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Investing.com -- TotalEnergies (NYSE:TTE) has entered into a Sales and Purchase Agreement (SPA) with Ksi Lisims LNG. The agreement entails the purchase of 2 million tons per year (Mtpa) of liquefied natural gas (LNG) for a period of 20 years from a future liquefaction plant. The agreement is subject to the final investment decision of the project.
In a parallel development, TotalEnergies has acquired a 5% stake in Western LNG. This company is the developer, shareholder, and future operator of the Ksi Lisims LNG project. With this acquisition, TotalEnergies gains the option to increase its stake in Western LNG. Additionally, it may take a direct stake in the plant up to approximately 10% when the final investment decision is made.
The Ksi Lisims LNG project is an LNG plant with a capacity of 12 Mtpa. It is located on the Pacific coast of Canada, in British Columbia, which provides it with privileged access to Asia, the world’s largest LNG market. The Ksi Lisims LNG plant, fully electrified and powered by hydroelectricity, is set to be one of the lowest CO2-emitting LNG projects globally.
Stéphane Michel, President of Gas, Renewables & Power at TotalEnergies, elaborated on the developments. He said, "This purchase of LNG from the future Ksi Lisims LNG plant will allow us to diversify our LNG portfolio in North America and benefit from competitive LNG supply in Western Canada to better serve our Asian customers, with whom we are developing a significant portfolio of long-term supply contracts." He further added, "As part of our integrated strategy, we are also pleased to partner with Western LNG to support the development of this very low CO2 emission liquefaction plant project.”
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