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BRIEF-Oil major Total buying 23 pct stake in U.S. group Tellurian for $207 mln
December 20, 2016 / 8:14 AM / a year ago

BRIEF-Oil major Total buying 23 pct stake in U.S. group Tellurian for $207 mln

Dec 20 (Reuters) - Total :

* Total is acquiring approximately 23% of Tellurian at $5.85 per share for an amount of $207 million to develop an integrated gas project

* “Investing in Tellurian at an early stage will give us the opportunity to potentially strengthen our mid and long term LNG portfolio thanks to a very cost competitive project,” Philippe Sauquet, Total’s president of gas, renewables and power, said in a statement.

* “Total’s investment materially strengthens Tellurian’s position as a large infrastructure development company and is an important milestone in the growth of Tellurian’s LNG business, including the Driftwood LNG project in Calcasieu Parish, Louisiana,” Tellurian president and chief executive Meg Gentle said in a statement.

* Tellurian entered into a merger agreement with Magellan Petroleum Corporation on August 2, 2016, and expects the agreement to close in the first quarter of 2017.

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