Total and Siemens Sign Emissions Reduction Deal
Total (NYSE: TOT) and Siemens Energy have signed a technical collaboration agreement to study sustainable solutions for CO2 emissions reduction, Total revealed Tuesday.
The collaboration will focus on natural gas liquefaction facilities and associated power generation, according to Total, which noted that each partner will bring together their best-in-class technologies and combine their know-how to deliver industrial-stage solutions.
“This collaboration with Siemens Energy, a major player in the energy technology sector, brings many opportunities to further reduce the carbon footprint of our activities, especially in our strategic LNG business,” Arnaud Breuillac, the president of exploration and production at Total, said in a company statement.
“The development of low-carbon LNG will contribute to meet the growth in global energy demand whilst reducing the carbon intensity of the energy products consumed. Reducing its carbon footprint is essential for LNG to play its role fully in the energy transition,” he added.
Thorbjorn Fors, the executive vice president of the industrial applications division at Siemens Energy, said, “we are pleased to partner with Total as one of the main players in the LNG value chain to explore how we can competitively reduce the carbon footprint of brownfield and greenfield LNG projects”.
“The agreement is a next step, following our announcement last June to collaborate together and conduct studies exploring possible liquefaction and power generation plant designs to help decarbonize the production of LNG,” Fors went on to state.
Total is the world’s second largest privately owned LNG player, according to its website, which shows that the company will have a global portfolio of nearly 50 million tons per annum by 2025. Total describes itself as a pioneer in LNG, which it has been producing for more than 40 years. The company operates across the entire LNG value chain, from production and processing to trading, shipping, and distribution.
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