Toshiba to Pay Total $815 Million to Exit Freeport LNG Plant - Bloomberg

Toshiba to Pay Total $815 Million to Exit Freeport LNG Plant Bloomberg

Toshiba Corp. will transfer its rights to process natural gas at the Freeport LNG project in Texas to France’s Total SA, the companies said on Saturday. Toshiba will pay Total $815 million to hand over the 20-year liquefaction rights to the French major and expects to finalize the deal by March 2020, according to a statement from the Tokyo-based company. In addition, Total will also make a $15 million payment to Toshiba for the takeover of its U.S. LNG business and assume its tolling charge commitment. Toshiba had obligations to pay fixed amounts regardless of whether or not it could sell t...