Santos sells 15% of GLNG project for $650m

Santos sells 15% of GLNG project for $650m

Energy company Santos (ASX:STO) has sold a 15% stake in its GLNG project to LNG giant Total for $650 million.

Project partner Petrona, a Malaysian oil and gas multinational, has also sold a 5% stake in the venture to Total. After the transactions, Santos will owns 45% of GLNG, with Petronas holding 35% and Total 20%.

This represents the first major investment by Total in an LNG project using unconventional gas anywhere in the world, Santos said.

STO shares are today trading 5.75% lower at $12.960.

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Tags Mergers and acquisitionsSantosASX:STOGLNGTotal

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