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France’s Total Joins Qatar as First Foreign Partner in $30 Billion LNG Project

June 13, 2022

Qatar tapped French oil giant TotalEnergies SE TTE -2.43%▼ as its first foreign partner in a $30 billion liquefied natural gas project, as the Persian Gulf emirate pledges to help Europe secure new supplies of gas as it weans itself off Russian energy.

The partnership gives TotalEnergies a roughly 6% equity stake in the initial phase of the project, called North Field East. The offshore field, which Qatar started developing in 2019, is expected to boost the country’s LNG output by more than 60% by 2027. TotalEnergies Chief Executive Patrick Pouyanné said Sunday the company’s stake in a new joint venture with state-owned QatarEnergy will help boost Europe’s energy security.

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