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MarketScreener Homepage  >  Equities  >  NIGERIAN STOCK EXCHANGE,THE  >  Total Nig PLC    TOTAL   NGTOTAL00001

TOTAL NIG PLC

(TOTAL)
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129.9 NGN   0.00%
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Total Nig : to buy 10% stake in Arctic LNG 2 project from Russia's Novatek

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03/05/2019 | 10:08am EDT

Total Nigeria drilling for oil offshore Nigeria

Paris, March 5, 2019 (Reuters/NAN) Total has agreed to buy a 10 per cent stake in the Arctic LNG 2 project from Russia’s Novatek.

This is coming as the French energy group looks to build up its presence in the area to service a fast-growing Asian market.

The companies said on Tuesday that Total would also have the opportunity to buy a 10 to 15 per cent direct interest in all Novatek’s future liquefied Natural Gas (LNG) projects on the Yamal and Gydan peninsulas.

Novatek said that, as well as paying for the 10 per cent stake, Total would provide some financing through capital investment for Arctic LNG 2.

The Russian company added that it expected preliminary capex for the project to be 20 to 21 billion dollars.

“Arctic LNG 2 fits into our strategy of growing our LNG portfolio through competitive developments based on giant low cost resources primarily destined for the fast growing Asian markets,” said Total’s chairman and chief executive Patrick Pouyanne.

Total said that its overall economic interest in the new project would be around 21.6 per cent, taking into account its 19.4 per cent stake in Novatek.

It added that should Novatek decide to reduce its participation in Arctic 2 LNG below 60 per cent, Total would have the opportunity to increase its direct share up to 15 per cent.

The Arctic LNG 2 project aims to develop more than 7 billion barrels of oil equivalent (boe) of resources.

It is expected to have a production capacity of 19.8 million tonnes per year (Mt/y), or 535,000 barrels of oil equivalent per day (boe/d).

Total maintained that the liquefied natural gas would be delivered to international markets by a fleet of ice-class LNG carriers using the Northern Sea route and a trans-shipment terminal in Kamchatka for cargoes to Asia, and one close to Murmansk for European cargoes.

A final investment decision to go ahead with the project is expected to be taken in the second half of 2019, with plans to start up the first liquefaction train in 2023, Total said. (Reuters/NAN)

AOM/YEE

========= Edited by Abdullahi Mohammed/Emmanuel Yashim

(c) 2019 News Agency of Nigeria Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

Stocks mentioned in the article
ChangeLast1st jan.
LIQUEFIED NATURAL GAS LTD 2.17% 0.235 End-of-day quote.-55.34%
TOTAL NIG PLC 0.00% 129.9 End-of-day quote.-36.01%
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Financials (NGN)
Sales 2019 310 B
EBIT 2019 -
Net income 2019 4 804 M
Debt 2019 -
Yield 2019 7,39%
P/E ratio 2019 9,18x
P/E ratio 2020 10,6x
Capi. / Sales2019 0,14x
Capi. / Sales2020 0,14x
Capitalization 44 104 M
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Income Statement Evolution
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Mean consensus HOLD
Number of Analysts 1
Average target price 198,00  NGN
Last Close Price 129,90  NGN
Spread / Highest target 52,4%
Spread / Average Target 52,4%
Spread / Lowest Target 52,4%
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Managers
NameTitle
IMRANE Barry Managing Director & Director
Stanislas Mittelman Chairman
Dormoy Bruno Executive Director-Finance & Development
Felix Majekodunmi Director
Tejiro Ibru Director
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