TotalEnergies has signed two new LNG medium and long-term contracts in Asia, aligned with its strategy to grow its liquefied natural gas (LNG) business.

One is a sales and purchase agreement (SPA) signed with Indian Oil Corporation (IOCL) to deliver up to up to 800,000 tons per year of LNG for ten years from 2026 to India, while the other is a Heads of Agreements (HoA) signed with Korea South-East Power to deliver around 500,000 tons per year of LNG for five years from 2027 to South Korea.

TotalEnergies emphasized in a press release on Tuesday the importance of these agreements as they secure medium-term outlets for its global LNG supply portfolio in addition to strengthening the Company’s footprint in Asian markets, where it is particularly committed to supporting its customers with their decarbonization strategies.

“We are delighted to have been selected by IOCL and Korea South-East Power to supply LNG to India and Korea. These contracts enable us to contribute to the energy security and transition of these countries, to which we have an enduring commitment,” said Gregory Joffroy, Senior Vice President, LNG at TotalEnergies.

The world’s third largest LNG player, TotalEnergies secured a global portfolio of 44 million tons per year (mtpa) in 2023. Its goal is to increase the share of natural gas in its sales mix to close to 50% by 2030, to reduce carbon emissions and eliminate methane emissions associated with the gas value chain, and to work with local partners to promote the transition from coal to natural gas.