Total SE [NYSE: TOT] has joined forces with Siemens Energy to explore the solution for the reduction of CO2 emissions. The firms have inked a Technical Collaboration Agreement. The main focus of the firms will be on natural gas liquefaction services and related power generation.
Total has gained recognition as the largest LNG player. It has maintained its market position of around 50 Mtpa by 2025 and an international market share of nearly 10%. Total get advantage from solid and expanded positions throughout the LNG value chain. Its value chain includes gas production as well as liquefaction, LNG shipping and trading, and contribution towards the growth of the LNG industry for sea transport.
Technical Collaboration Agreement
Total and Siemen will both leverage their advanced technologies and integrate their knowledge to offer industrial-stage solutions. Its solutions include ignition of clean hydrogen in gas turbines, economical all-electrical liquefaction, enhanced power generation. Furthermore, it includes the unification of renewable energy in liquefaction plants’ power systems and their productivity improvement.
Total commented that this cooperation will be beneficial for both the firms. They will be able to utilize the opportunities to further lessen the environmental footprint of its activities, particularly in its strategic LNG business. The expansion of low-carbon LNG will make a significant contribution to fulfilling the growth in worldwide energy demand. At the same time, it also lessens the carbon concentration of the energy commodities expended.