Norton Rose Fulbright advises TotalEnergies SE on US$750m synthetic LNG infrastructure agreement

Global law firm Norton Rose Fulbright has advised French energy company TotalEnergies SE on a synthetic infrastructure agreement with Global Infrastructure Partners in connection with its 27.5 per cent interest in the Gladstone LNG Project in Queensland for consideration of US$750 million.

Under innovative arrangements, TotalEnergies, through its subsidiaries, retains full control and ownership of its 27.5 per cent sale interest. Global Infrastructure Partners will receive a throughput based tolling fee based on TotalEnergies’ share of gas processed through the downstream facilities for 15 years.

Norton Rose Fulbright’s multi-jurisdictional team, led by partners Paul Lingard and Martin Irwin, leveraged its deep LNG industry and infrastructure experience across its corporate, projects, banking & finance and tax teams to advise on all aspects of the transaction.

The global team was comprised of special counsels Nikki van der Meer and Nick Sinclair, senior associate Priya Kahlon, associates Nancy Zheng and Kellie Hayman and lawyer Rose Kenny in Australia and Paris-based partners Anne Lapierre, Karine Montagut, counsels Véronique Bruel and Marie-Adelaide de Fleurieu and associate Alexandra Bloch-Manikow. Partners Greg Reinhardt and Antoine Colonna and special counsel Seema Mishra advised on taxation aspects in Australia and France.

Paul Lingard commented:

“We are pleased to have supported TotalEnergies on this landmark transaction.

“This transaction is the first of its kind for TotalEnergies and the second by GIP in mid-stream LNG assets in Australia, continuing the trend for similar investment around the world. It is also among a number of projects that are helping to confirm Australia’s major role in the global energy transition.”

Norton Rose Fulbright also recently advised Shell on its US$2.5 billion sale of a minority interest in the QCLNG Common Facilities; and Vestas Australia in respect of AUD$415 million receivables purchase arrangements.

Norton Rose Fulbright is currently at the forefront of new energies advising on redefining energy mega projects: the Western Green Energy Hub; and the Asian Renewable Hub. Norton Rose Fulbright has also been appointed by the Commonwealth Department of Industry, Science, Energy and Resources to advise on the development of a streamlined hydrogen legal framework to ensure Australia remains at the forefront of the hydrogen revolution.