Total to buy 25 pct stake in Clean Energy Fuels Corp
Petroleumworld 05 11 2018
Total has agreed to buy up to 50.8 million shares in Clean Energy Corp for $83.4 million, becoming its largest stockholder with a 25 percent stake, the French energy company announced on Thursday.
Total will also provide $100 million in credit support for Clean Energy's plan to launch a leasing programme to place thousands of new natural gas heavy-duty trucks on North American roads by the third quarter of this year.
Clean Energy provides natural gas fuel and renewable natural gas fuel for transportation in North America with a network of over 550 stations.
“Total believes there is a strong development opportunity in the natural gas for transportation market in particular in the United States which benefits from unique, giant low-cost gas resources,” Total Chief Executive Patrick Pouyanne said in a statement.
The deal is in line with Total's strategy to expand its low carbon businesses and develop new markets for gas, it said.
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Story by Bate Felix; Editing by Richard Lough and Jason Neely from Reuters.
reuters.com / 05 10 2018
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