Total Energie’s and Sinopec have signed an agreement on LNG supplies to China

Total Energy s and Sinopec have entered into an agreement of intent to supply 2 million tons of liquefied natural gas (LNG) to China over 15 years, starting in 2028. This is part of the strategic partnership signed during Xi Jinping’s visit to France.

Natural gas is helping China’s energy transition by reducing carbon emissions and replacing coal in the energy sector.

TotalEnergies is the third largest player in the LNG market with a 12% share. The company aims to increase LNG production by 50% by 2030. In 2023, its portfolio amounted to 44 million tons of LNG per year.

The company also signed an agreement with HD Hyundai Chemical for the supply of 200 thousand tons of LNG from 2027.
Despite an 11% decline in sales in 2024, there is an 8% increase in the third quarter.