ship.energy

Total transformation

French energy giant Total is proposing to change its name to TotalEnergies to reflect its ‘transformation’ over the coming decade into a ‘broad energy company’ meeting ‘the dual challenges of the energy transition: more energy, less emissions’.

In a statement announcing its Q4 results yesterday (9 February) – which included a net income of $891 million – Total said the growth in its energy production will be ‘based on two pillars: LNG and Renewables & Electricity, while oil products are expected to fall from 55% to 30% of sales’.

The company plans to put the name change proposal to its shareholders at its Annual General Meeting (AGM) on 28 May.

As previously reported, Total has ramped up its involvement in the renewables sector significantly. Recent moves include the acquisition of a 20% stake in India’s Adani Green Energy Limited (AGEL), the largest solar developer in the world; and the development, with Engie, of the largest green hydrogen production site in France.

In the LNG sector, Total has finalised a 16.6% participation in the Energia Costa Azul LNG project on Mexico’s Pacific coast and it recently delivered its first ‘carbon neutral’ LNG cargo to China’s CNOOC.

The bunker market has also been an important part of Total’s LNG growth. The company has agreements in place to supply fuel to container giant CMA CGM’s LNG-powered vessels, and in November last year its new bunker vessel Gas Agility made the first LNG deliveries to the CMA CGM Tenere and the Jacques Saadé.

In addition to building up its profile as a LNG bunker supplier, Total has also been converting more of its own fleet to run on LNG, having chartered four new LNG-powered Aframax vessels.

Ian Taylor

Ian Taylor