Engie Takes Diversification Seriously: Bets on LNG, Cygnus, Service

The latest industry developments proved that Engie’s new gas strategy relies on LNG projects - in collaboration with Russian, American and Japanese players - and a renewed focus on services. 

On Wednesday, the France-based company (formerly GDF Suez) completed the the purchase of IMA Chile.

‘Thanks to this acquisition, Engie energy services in Chile will represent the Chilean leader in energy services with 65M€ of yearly revenues and 1,700 employees, serving more than 200 customers in all sectors’ reads a note released by the company. 

A few hours before, on Tuesday, it also entered into a partnership agreement on LNG with Japan’s Kansai Electric.  

‘Engie and Kansai Electric, a Japanese power production company, have agreed to enter into a partnership agreement on liquefied natural gas (LNG). This agreement will provide shipping optimization and other commercial and marketing opportunities in Europe and in other LNG markets to the benefits of Kansai and Engie’ it wrote on its website. 

Engie made the headlines last week, after Gazprom said Engie could be interested in the Nord Stream II project.

‘The number of participants in the Nord Stream II project may increase in the near future.

Engie Group shows interest in this project and ready to start talks on working out legally binding documents’ Gazprom’s Alexey Miller said last week.  

Last month, Novatek announced a 23-year deal for one million tons of LNG a year with Engie for the supply of LNG from the Yamal LNG project.   

Finally, on Thursday, GDF Suez E&P reported positive developments toward the development of the Cygnus field. 

‘The 4600 tonne Cygnus accommodation module, together with a 3400 tonne wellhead jacket and piles, are now en route to the Cygnus gas field located 150 kilometres off the Lincolnshire coast’ BiFab, which won contracts for all the Cygnus jackets and the Alpha complex accommodation module, wrote on Thursday referring to the Cygnus field - the largest discovery in the Southern Gas Basin in the last 25 years.