Total Takes a 26% Stake In the Indian LNG Terminal at Hazira

Total has signed an agreement with Shell Gas BV, a member of the Royal Dutch/Shell group of companies, to acquire a 26% stake in a liquefied natural gas (LNG) re-gasification terminal project in India. The terminal is expected to receive its first LNG cargo by year's end and is located in Hazira, on the northwest coast of India in the Gujarat State. The transaction remains subject to approval of the relevant Indian authorities.

Once the transaction is completed, Total will hold a 26% interest in the three project companies: the port company is in charge of the construction and operation of the port under a 30 year concession; the terminal company builds and will operate the terminal; the marketing company will sell the gas. The terminal will have an initial capacity of 2.5 millions tons per annum with a goal to expand it to 5 millions tons. Supplied by the two partners from their various LNG sources, Hazira will be the first merchant LNG terminal in Asia.

With this stake in a re-gasification terminal in Asia, Total strengthens its development on gas markets and secures an access to a fast growing market for the LNG projects in which it participates.

Total is already a major LNG player, commercializing more than 6 millions tons in 2003. The company holds stakes in 5 natural gas liquefaction plants worldwide, a stake in a re-gasification terminal in Mexico and has signed a protocol of intent to acquire an interest in the Fos Cavaou re-gasification terminal in France.