TotalEnergies Expands In Turkey With Long-Term LNG Agreement

TotalEnergies SE TTE inked a Heads of Agreement (HoA) with BOTAŞ for the delivery of 1.1 million tons of liquefied natural gas (LNG) per year over ten years, starting in 2027.

This agreement aligns with TotalEnergies’ strategy to grow its long-term LNG sales and strengthen its position in the Turkish market.

Gregory Joffroy, Senior Vice President, LNG at TotalEnergies, said, “We are pleased to initiate a new long-term collaboration with BOTAŞ, a key partner for the Company in Türkiye. This agreement enables us to secure long-term sales and reduce our exposure to spot market gas price fluctuations.”

This month, TotalEnergies joined the “Japan Hydrogen Fund” as an investor at its initial closing, partnering with several major Japanese companies. The fund focuses on advancing the low-carbon hydrogen value chain.

Apart from this, the company formed a 50/50 joint venture with Adani Green for a 1,150 MW solar project in Gujarat, India. TotalEnergies will invest $444 million, boosting its renewable energy strategy.

In August, the company had reaffirmed net investments of $17 billion-$18 billion, including $5 billion for Integrated Power for FY24.

Investors can gain exposure to the stock via Advisor Managed Portfolios Miller Value Partners Appreciation ETF MVPA and Octane All-Cap Value Energy ETF OCTA.

Price Action: TTE shares are down 0.04% at $68.29 at the last check Wednesday.

Read Next:

• General Mills Faces Mixed Q1 Results: Earnings Win, Sales Drop, And Big Bets On 2025 Rebound

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.