TotalEnergies has strengthened its position in the Asian market by securing two new medium- and long-term LNG supply agreements.

In line with its strategy to grow its LNG business, the French energy major announced the signing of a sales and purchase agreement (SPA) with the Indian Oil Corporation (IOCL).

Under the deal, TotalEnergies will deliver up to 800,000 tonnes of LNG per year to India for a period of 10 years, starting in 2026.

Additionally, TotalEnergies has inked a heads of agreement (HoA) with Korea South-East Power for the delivery of up to approximately 500,000 tonnes of LNG per year to South Korea.

This agreement will span five years, commencing in 2027.

Gregory Joffroy, Senior Vice President of LNG at TotalEnergies, expressed delight at being selected by IOCL and Korea South-East Power as their LNG supplier.

“These contracts enable us to contribute to the energy security and transition of these countries, to which we have an enduring commitment,” he stated.

The agreements allow TotalEnergies to secure medium-term outlets for its global LNG supply portfolio while strengthening its footprint in the rapidly growing Asian markets.

The company is particularly committed to supporting its customers in these regions with its decarbonisation strategies.

With a global portfolio of 44 million tonnes per year in 2023, TotalEnergies is the world’s third-largest LNG player, boasting interests in liquefaction plants across all geographies.

The company benefits from an integrated position across the LNG value chain, including production, transportation, access to more than 20 million tonnes per year of regasification capacity in Europe, trading, and LNG bunkering.

TotalEnergies aims to increase the share of natural gas in its sales mix to close to 50 per cent by 2030, reducing carbon emissions and eliminating methane emissions associated with the gas value chain.

The company is also working with local partners to promote the transition from coal to natural gas.