A global LNG player • ENGIE

LNG_VA_V3 24/03/2016 17:41 PageII
Group profile
—
€69.9
billion in 2015 revenues
€2.6
billion in 2015 net income
(Group share)
ENGIE develops its businesses (power,
natural gas, energy services) around
a model based on responsible growth to
take on the major challenges of energy’s
transition to a low-carbon economy:
access to sustainable energy, climatechange mitigation and adaptation, security
of supply and the rational use of resources.
±155,000
employees in 70 countries
The Group provides individuals, cities
and businesses with highly efficient and
innovative solutions largely based on its
€7.2
expertise in four key sectors: renewable
billion CAPEX 2015
natural gas and digital technology.
900
researchers and experts
at 11 R&D centers
—
energy, energy efficiency, liquefied
LNG_VA_V3 24/03/2016 17:41 Page1
ENGIE — A global LNG player — 1
Editorial
—
LNG is a strategic activity for ENGIE.
By enabling natural gas to be transported
by sea over long distances, LNG is the ideal
solution for giving access to resources that
are geographically remote from consumer
markets. Thus, LNG increases the Group’s
portfolio with a secured, competitive and
flexible energy source, to serve our
internal and external customers.
Our global expertise in the LNG industry is a key asset
for the Group. ENGIE has been a pioneer and a driving
force in the LNG industry from the development of the
1st LNG chain between Arzew in Algeria and Le Havre
in France in 1965, to the development of Shuttle and
Regasification Vessels in 2009 and the implementation
of the first fast-track regasification terminal with a floating
storage unit in Chile in 2010. In 2015, LNG accounted
for approximately 25% of the long-term gas supply
portfolio of ENGIE.
Our integrated and global positions allow innovation at all
levels of the LNG value chain. Thanks to new contracts
and projects, LNG contributes to the security of supply
of the Group and its gas portfolio diversification.
In 2018, the Cameron LNG project will allow ENGIE to
source LNG from the USA. Our presence in
infrastructures provides us with expertise in onshore
regasification terminal operations and floating regasification
terminals, such as FSRUs (floating storage and
regasification units). Our ability to develop new
downstream markets, such as retail LNG, is also part of
our innovative competencies.
ENGIE can also leverage its LNG positions to develop
integrated projects from upstream to downstream
activities (power generation, local gas sales).
ENGIE is a major LNG importer in Europe and a reliable
supplier for the high growth Asia-Pacific markets. The
outlook of LNG markets is robust with an annual 4%
increase in demand expected between 2015-2030.
LNG is a key lever to support the Group’s growth through
its ambition to expand its footprint in high growth regions,
such as Asia-Pacific or South America.
Gérard Mestrallet
Chairman and CEO, ENGIE
LNG_VA_V3 24/03/2016 17:42 Page2
2 — ENGIE — A global LNG player
ENGIE and LNG at a glance
—
Close to
1,000
2nd
LNG specialists
from 16 countries
largest operator
of LNG terminals
in Europe
Largest
16.4
European LNG importer
1st
LNG chain between
Arzew (Algeria) and
Le Havre (France)
mtpa LNG long-term
volumes, sourced
from 6 countries
More than
50
years of experience
Top 5
LNG supply portfolio
in the world
LNG_VA_V3 24/03/2016 17:42 Page3
ENGIE — A global LNG player — 3
The ENGIE LNG community
—
Close to 1,000 people from 16 countries
spread over all continents work hand
in hand with our customers along all
steps of the LNG value chain. Drawn
from across the Group, our experts
in LNG form the ENGIE LNG Community,
a forum for exchanging technical and
business know-how, and best practices.
Their expertise in all the fields of LNG,
combined with the close cooperation
the Community fosters among its
members, contribute to ENGIE’ standing
as a recognised global expert in the
field of LNG.
LNG_VA_V3 24/03/2016 17:43 Page4
4 — ENGIE — A global LNG player
We develop the value chain all
—
Liquefaction
By developing or actively
participating in liquefaction projects.
In the USA, ENGIE is a shareholder
and capacity holder in Cameron LNG,
a natural gas liquefaction project in
Louisiana.
ENGIE also holds stakes in
liquefaction plants in Egypt and
Norway.
Mejillones Terminal, Chile
Regasification
terminals
In downstream activities with new
terminals.
The Fos Tonkin, Fos Cavaou and
Montoir-de-Bretagne – with its 2 berths
adapted for transshipment – terminals,
in France, are operated by ENGIE
subsidiary ELENGY and can receive
the largest LNG carriers. In Latin America,
ENGIE also operates the GNL Mejillones
terminal in Chile where 34 transshipments
were operated between 2010 and
2014. Meanwhile, in India the Group
has a strategic partnership with
Petronet LNG Ltd and is developing a
floating LNG import terminal project
with Andhra Pradesh Gas Distribution
and Shell.
LNG portfolio
management
Thanks to a large and diversified
portfolio of 16.4 mtpa from six
countries, the Group ensures safe,
reliable and economical LNG supplies
to its entities and clients. ENGIE
development and supply projects are
well positioned to meet the growing
global demand.
a
LNG_VA_V3 24/03/2016 17:43 Page5
ENGIE — A global LNG player — 5
around the world
LNG shipping
By optimizing a fleet
of 14 LNG carriers.
ENGIE has a fleet of 14 LNG carriers,
a mixture of owned vessels, and short,
medium and long-term chartered vessels.
The Group received five newly built
vessels in 2009-2010, representing a
significantly renewed fleet.
State-of-the
art services
By providing state-of-the-art
engineering services for the
LNG industry.
Our global engineering and consultancy
Tractebel is a world leader in the field
with 40 years of experience in LNG. Its
pool of uniquely specialized skills and
renowned experts offers top-level
knowledge partnering to clients all over
the globe, helping them to achieve
economic success and excellence.
The Group also enjoys expertise in
membrane tank design via its subsidiary
Gaztransport & Technigaz (GTT, owned
by ENGIE at 40%).
R&D
Implementing an ambitious
R&D initiative.
As a pioneer in the LNG sector,
the Research & Technologies Division,
along with the ENGIE Lab CRIGEN
(laboratory devoted to gas and new
energy sources), has developed its
recognized know-how all over the
world in the field of LNG behavior,
industrial safety and technologies.
It builds on a network of international
partners to meet the Group’s
challenges in operational and
economic performance.
Based on its skills, CRIGEN works
to promote ENGIE’s LNG activities
all over the world.
Melkøya island, Norway
LNG_VA_V3 24/03/2016 17:43 Page6
6 — ENGIE — A global LNG player
Our positions in the world as a
g
—
SNØHVIT LNG
EVERETT
ARZEW SKIKDA
CAMERON LNG
HOUSTON
IDKU
PENUELAS
YEME
ATLANTIC LNG
NLNG
MEJILLONES
LNG_VA_V3 24/03/2016 17:43 Page7
ENGIE — A global LNG player — 7
global player
ISLE OF
GRAIN
ZEEBRUGGE
LONDON
BRUSSELS
TIANJIN-CAPE ANN-FSRU
PARIS
TOKYO
MONTOIR-DEBRETAGNE
FOS CAVAOU
FOS TONKIN
DAHEJ
NEW
DELHI
KAKINADA
YEMEN LNG
KOCHI
LIQUEFACTION
LNG Supply
SINGAPORE
Liquefaction plant
with equity
REGASIFICATION
Regas capacity
Regas operation
Regas terminal
with equity
RETAIL LNG
HEADQUARTERS
LNG OFFICES
DESCRIPTION
Planned
Under construction
LNG_VA_V3 24/03/2016 17:43 Page8
8 — ENGIE — A global LNG player
Management and optimization of
—
ENGIE has one of the top 5
LNG supply portfolios in the
world, with 16.4 mtpa of
long-term supplies from
six countries. Forming a key
element of the Group supply
LNG is a key element of ENGIE' supply portfolio, providing diverse
and flexible supply and related business opportunities. We ensure the
reliable and economical supply of LNG to the ENGIE markets, particularly
in Europe, North America and South America, by managing the Group’s
LNG supply contracts and ship charter contracts.
We also aim at creating additional value by developing new markets
outside the Group. We have already implemented mid-term purchase
and sales agreements with major gas and LNG companies.
portfolio, LNG accounted
for approximately 25% of
the long-term gas supply
portfolio of ENGIE in 2015.
Providing
long-term
supply
Among the
5 largest
supply portfolios
in the world
An LNG portfolio fully integrated
within ENGIE long-term natural gas
supply portfolio
Others(1)
Yemen
Australia 1%1%
Nigeria 2% 1%
Unspecified(2)
9%
Libya 3%
Trinidad
& Tobago 5%
Asia 6%
Norway
26%
554 TWh
of which
~ 25% LNG
11%
The Netherlands
20%
Russia
15%
Algeria
(1) Of which Germany and UK < 1% each.
(2) Purchases from gas suppliers: origin unspecified.
LNG supply
o
LNG_VA_V3 24/03/2016 17:43 Page9
ENGIE — A global LNG player — 9
our LNG portfolio
In addition to supplying
the needs of the Group’s
entities, ENGIE has been
developing LNG sales in
the last few years, in high
growth markets outside
Asia is a major development region for the ENGIE LNG business, with
strong growth prospects and new supply potential. With the flexibility in our
natural gas portfolio, the Group is one of the few European utilities that can
deliver LNG volumes to developing markets such as the Asia-Pacific Basin.
Since 2010 and the opening of an office in Singapore, ENGIE has signed
several short and medium-term LNG sales agreements with a majority of Asian
clients: from 2010 to 2017, delivery of 186 cargoes (approx. 11.5 million tons
of LNG).
the Group, especially in
Asia and Latin America.
Meeting growing demand in Asia: ongoing contracts
MARUBENI
TOHOKU Electric Power
GSPC
ENGIE
• 2016: opening of a
business development
office in New Delhi
ENGIE
• 2015: opening of Global LNG
Rep. office in Tokyo
KANSAI
CHUBU
ENGIE
• 2010: opening of the Global
LNG office in Singapore
CNOOC
CPC Corporation
PETRONAS
JANGKRIK
• 45% stake in Muara Bakau
offshore E&P licence
ENGIE holds a 10% stake in Petronet LNG.
LNG_VA_V3 24/03/2016 17:45 Page10
10 — ENGIE — A global LNG player
We have a broad expertise in
—
ENGIE has more than
50 years’ experience
in the design, construction,
chartering, operation,
maintenance and
management of LNG
carriers. At any given time,
vessels within the ENGIE
fleet are sailing on various
trades around the world
to supply safely and
economically ENGIE
Today, ENGIE has a fleet of
14 LNG carriers*, with full or part
ownership in five of these vessels.
Within the fleet, ENGIE has
two Shuttle and Regasification
vessels (SRVs), the two sisterships GDF SUEZ Neptune and
GDF SUEZ Cape Ann. These
vessels are equipped with their own
LNG regasification system, allowing
them to regasify and discharge
natural gas under high pressure
directly into a designated Deep
Water Port or similar gas receiving
system. One of the Group’s SRVs
has been sub-chartered to CNOOC
and moored at Tianjin.
customers.
*as of 1st January 2016.
ENGIE is also involved in the
operation, management and
maintenance of its LNG carriers,
via the expertise of GAZOCEAN. This
Ship Operator company is jointly
owned by ENGIE (80%) and the
Japanese Company NYK (20%).
Founded in 1957, GAZOCEAN is
one of the pioneer Marine Companies
in the field of LNG transport.
ENGIE also enjoys expertise in
membrane tank design developed
by Gaztransport & Technigaz (GTT,
owned by the Group at 40%). GTT
is a French marine engineering
company specialized in the design
of membrane containment systems
for the maritime transportation and
storage of LNG. Today, it is the
leader on the market, as membrane
containment system stands for 74%
of the existing fleet. It will continue to
increase with 79% of the orderbook
on the 31st of December 2015.
Provalys
Gaselys
GDF SUEZ Global Energy
BW GDF SUEZ Brussels
BW GDF SUEZ Paris
L
LNG_VA_V3 24/03/2016 17:45 Page11
ENGIE — A global LNG player — 11
LNG shipping
14 LNG carriers*
“Dual-Fuel Diesel Electric
Propulsion system”
Seven LNG carriers in the ENGIE fleet
are equipped with the Dual-Fuel Diesel
Electric propulsion system. It was in
2006 that the Group received the first
DFDE LNG carriers in the world, built
to our own specifications, and mainly
using the natural evaporation of the
LNG onboard as a fuel. This innovation
makes it possible to achieve a
substantial improvement in overall
propulsion efficiency and reduces the
amount of greenhouse gas emissions.
It has since been adopted by many
companies, with almost all of the
current order book of LNG vessels
using this technology.
GDF SUEZ Neptune
Grace Barleria
Ship Name
Capacity
Shipbuilder
Built
Operator
(LNG cm)
Matthew
126,540
Newport News
(USA)
1979
Hoëgh LNG
BW GDF SUEZ
Boston
138,000
Daewoo
(Korea)
2003
BW Gas
138,000
Daewoo
(Korea)
2003
BW Gas
154,500
Chantiers
de l’Atlantique
(France)
2006
GAZOCEAN
74,130
Chantiers
de l’Atlantique
(France)
2006
GAZOCEAN
154,500
Chantiers
de l’Atlantique
(France)
2007
GAZOCEAN
Grace Cosmos
149,700
Hyundai
(Korea)
2008
GAZOCEAN
BW GDF SUEZ
Paris
162,400
Daewoo
(Korea)
2009
BW Gas
BW GDF SUEZ
Brussels
162,400
Daewoo
(Korea)
2009
BW Gas
GDF SUEZ
Neptune
145,000
Samsung
(Korea)
2009
Höegh LNG
Fleet Management
GDF SUEZ
Point Fortin
154,200
Imabari
(Japan)
2010
MOL
GDF SUEZ
Cape Ann
145,000
Samsung
(Korea)
2010
Höegh LNG
Fleet Management
Grace Acacia
149,700
Hyundai
(Korea)
2007
NYK / GAZOCEAN
Grace Barleria
149,700
Hyundai
(Korea)
2007
NYK
BW GDF SUEZ
Everett
Provalys
GDF SUEZ
Global Energy
Gaselys
SRV
SRV
n ENGIE owned or co-owned vessels.
*as of 1st January 2016.
LNG_VA_V3 24/03/2016 17:45 Page12
12 — ENGIE — A global LNG player
We own and operate several LNG t
—
ENGIE has a significant
presence in regasification
terminals, as operator
and with 27.4 mtpa of
The Group is the largest European LNG importer and the second operator
of LNG import terminals in Europe, with French terminals Montoir-de-Bretagne,
Fos Tonkin and Fos Cavaou. Since 1965, more than 9,200 cargoes have
been unloaded at the French terminals by ELENGY where reloading,
transshipment and truck loading services are also available.
regasification capacities
around the world.
2 nd
LNG import terminal
operator in Europe
More than
9,200
cargoes unloaded at
the French terminals
by ELENGY since 1965
In the United States, the Group
is the number one LNG terminal
player with more than 40 years
of operating history of the Everett
Marine Terminal in Massachusetts.
In Chile, the Group also operates
the Mejillones terminal, located
in the Antofagasta region, through
GNL Mejillones, a subsidiary
controlled by ENGIE. Through
another local subsidiary, ENGIE has
access to long term regasification in
this terminal.
In Europe, ENGIE has access to
long term regasification capacities
in Montoir-de-Bretagne, Fos Tonkin
and Fos Cavaou (France), Zeebrugge
(Belgium) and Isle of Grain (United
Kingdom).
In India, ENGIE holds a 10%
stake in Petronet LNG, owner
and operator of the Dahej terminal
and the Kochi terminal.
In addition, ENGIE is developing
several regasification projects,
including the Kakinada project
(India).
LNG_VA_V3 24/03/2016 17:46 Page13
ENGIE — A global LNG player — 13
terminals around the world
EVERETT MARINE TERMINAL (USA)
ENGIE in North America owns and operates
the Everett Marine Terminal, which has the capacity
to deliver approximately 700 million cubic feet of natural
gas per day to the New England market. The company
provides LNG for uses as diverse as producing
electricity, heating homes and businesses and fueling
long-haul trucks. It is also well positioned to serve the
heating, power and process needs of businesses
without access to pipeline gas.
GNL MEJILLONES (CHILE)
ENGIE holds 63% in GNL Mejillones (37% is held by
CODELCO, the giant copper mining company). This
LNG receiving, regasification and storage terminal has a
nominal regasification capacity of 5.5 million m³ per day
of natural gas. The facility incorporates a 700 metre jetty
and, since 2014, an 187,000 m³ onshore LNG storage
tank replacing a FSU being operated from 2010. This
regas terminal will facilitate gas exportation from Chile to
Argentina as of 2016, through the interconnected gas
pipeline networks.
ELENGY
Montoir-de-Bretagne
ELENGY is a world-class operator of LNG terminals. A
100% subsidiary of ENGIE, it benefits from 50 years of
experience in designing, developing and operating LNG
terminals. It currently operates the 3 French terminals:
Montoir-de-Bretagne, Fos Tonkin and Fos Cavaou.
ELENGY serves all market players wishing to import
LNG in order to supply the French and interconnected
European markets, and offers innovative products.
Outside France, ELENGY brings its combined expertise
as owner and operator through strategic partnerships or
advisory services for international onshore or floating
LNG terminal projects.
Fos Cavaou
LNG_VA_V3 24/03/2016 17:46 Page14
14 — ENGIE — A global LNG player
We have an increasing
presence in liquefaction
—
ENGIE is active along the
Egypt
USA
entire LNG value chain and
plants in Egypt and Norway.
In 2002, ENGIE acquired a 5%
interest in the first liquefaction train
at the Idku facility in the Alexandria
region of Egypt.
Our presence in liquefaction
Norway
allows us to secure long-
In 2001, ENGIE acquired a 12%
stake in the Snøhvit gas field situated
in the Barents Sea, north of the
Arctic circle, and holds an equivalent
interest in the associated liquefaction
on Melkøya island. The Group takes
its share of the gas produced –
about 0.5 million tons per year – in the form of LNG destined for
the global LNG markets.
ENGIE is a partner in the Cameron
LNG project with Sempra (16.6%
stake) and will access 4 mtpa
of liquefaction capacity. The FID
was taken on 6 August 2014
and the liquefaction plant will be
in operation in 2018.
holds stakes in liquefaction
term LNG volumes and
to develop a global LNG
technical expertise, while
benefiting from long-term
returns from infrastructure
investments.
Melkøya island, Norway
12%
stake in the Snøhvit
liquefaction plant
in Norway
LNG_VA_V3 24/03/2016 17:46 Page15
ENGIE — A global LNG player — 15
We offer state-of-the-art
consulting services
—
Tractebel is a leading
international engineering
and consultancy company
with more than 100 years of
expertise in energy, water
and infrastructure projects.
Tractebel’s services cover
the whole project lifecycle,
from feasibility studies
to decommissioning.
Specific in-house competencies
l
l
l
l
l
l
l
l
l
l
l
l
l
l
l
l
Project management
Technical & cost optimisation
Process & safety
Geotechnics & seismics
Civil works & tank design
Regasification
Small-scale liquefaction
Offshore solutions (FSRU)
Piping & mechanical equipment
Harbour and marine design, water
intake and outfall
Recondensers
Operational expertise from
ENGIE gas operators
Procurement strategy
Power & Gas synergy
Environmental impact assessment
Gas asset management
A business unit of the BtoB
Energy Services business line
of ENGIE, Tractebel is an
international leader in multitechnical
energy related services. Clients
benefit fully from the many
synergies shared with the wide
array of ENGIE Group companies.
With some 40 years of
experience in LNG, and having
assisted in the development of
more than 200 projects worldwide
of which 25 are in operation today.
Tractebel is a world leader in the
field. It has engineered solutions for
LNG terminals, transfer, storage,
regasification and treatment units.
As a result, it plays host to a
considerable pool of uniquely
specialised skills and renowned
experts, covering all disciplines
needed, notably in LNG process
and safety studies, tank design,
harbor and marine design.
Our unique solutions are
ambitious and multifaceted;
they span the length of the gas
value chain, bringing added value
to clients all over the globe in LNG,
gas processing and transmission,
as well as in the storage and
distribution of natural gas for
both public and private markets.
Tractebel has 33 regional offices,
projects in over 140 countries, and
employs around 4,400 people.
Sines LNG terminal, Portugal
LNG_VA_V3 24/03/2016 17:47 Page16
16 — ENGIE — A global LNG player
We are at the forefront
of LNG research
—
As a pioneer in the LNG
CRIGEN
industry, the Research &
The ENGIE Group’s research
and operational expertise center,
devoted to the businesses of gas,
new energy sources and emerging
technologies, brings a mediumand long-term vision to the
development of the Group’s
business activities.
Technologies Division has
developed its recognized
know-how all over the
world in the field of LNG
behavior, industrial safety
Safety
and technologies.
Safety
The ENGIE Lab CRIGEN has
carried out major experimental and
theoretical studies, which have led
to the development of a large
number of design codes and
methodologies with high added
value. In particular, they are aimed
at assessing the risks and
consequences of accidental spills
of natural gas and LNG, continuously
adapting to new LNG uses.
Evolcode Platform: see QR code.
LNG behavior
LNG behaviour
LNG master:
study of a
pressurized
LNG station
ENGIE’s development of software
and analysis tools taken onboard
LNG carriers is proof of its knowhow in terms of LNG behavior
(ageing, stratification, and quality),
and of controlling boil-off gas
(quality, quantity produced). That
key expertise is internationally
recognized, especially through
the sales of LNG MASTER®.
LNG Simulation Tools: see QR code.
Offshore LNG
The ENGIE Lab CRIGEN brings its
expertise, for instance, in areas
related to LNG transfer and to the
assessment of the availability and
performance of offshore units such
as FSRUs and FLNGs. It supports
floating infrastructure projects
through the development of new
technologies and by assessing
their operability.
Retail LNG
The ENGIE Lab CRIGEN took part
in the launch of the ENGIE LNG
Bunkering Vessel, putting its skills
to good use in operational stock
management and LNG
transshipment between vessels. It
also intervenes on technical and
safety issues related to LNG used
as a fuel for road transportation
applications (LNG quality/metering,
safety distances, LNG behavior,
etc.).
ALLS flexible LNG transfer
system: a unique experimental
testing of new offshore LNG
transfer technology on a large
scale under dynamic conditions
LNG_VA_V3 24/03/2016 17:47 PageIII
New opportunities
in LNG: Retail LNG
—
New opportunities are
springing up in the LNG
market to accommodate
customers requests for
smaller volumes of LNG.
200,000
tons per year –
Retail LNG activities
at the Everett
Marine Terminal (USA)
Niche LNG is intended
for consumers that are not
connected to the main gas
network grid or with a limited
connection. For example, isolated
industrial customers or power
producers that burn costly liquid
petroleum gas or diesel oil.
The “LNG as fuel” market
segment offers a significant
potential, especially for ships
and trucks. To comply with new
regulatory thresholds on particle
emissions in designated Emission
Control Areas (ECAs) from 2015,
and deal with the fuel oil prices
increase in the long term, shipping
companies are seriously
considering to switch to LNG for
their fleets. At the same time, the
development of trucks that use
LNG is already significant in China.
ENGIE can already leverage on
a recognized expertise in the
Retail LNG field business through
its activities at the Everett Marine
Terminal (EMT) in the USA
(200,000 tons per year) and recent
truck loading facility in GNL
Mejillones (Chile). ENGIE has also
launched this activity in Europe:
supply of LNG as fuel for shipping
and trucking companies (truck
loading services from Zeebrugge,
Isle of Grain, Montoir-de-Bretagne
and Fos Tonkin LNG terminals),
and small scale LNG projects for
remote areas.
In June 2014, the Group signed
a framework agreement with
Mitsubishi Corporation and
NYK, aiming at developing, in
partnership, a clean maritime
transportation market worldwide
through LNG Bunkering Vessels
(LBVs). On behalf of the venture,
NYK ordered an LBV (the very first
in the world) and ENGIE signed a
contract with its first customer:
United European Car Carriers
(UECC), a leading short-sea
operator. The partners will provide
their know-how and experience to
develop this first project in the
Northern ECAs from Zeebrugge in
Belgium, before spreading out the
business model in other European
ports and worldwide. The Group
also plans to develop Retail LNG
activities in different regions of the
world, such as China where
ENGIE will built a small scale
liquefaction plant in partnership
with Shaanxi Houde Tongxing.
Over 350,000 trucks have
been loaded at the Everett
Marine Terminal since 1971
The LNG Bunkering Vessel project
LNG_VA_V3 25/03/2016 10:56 PageIV
The present document was produced by an eco-responsible printer
on paper of certified origin. It is available on the engie.com
website, where all Group publications can be viewed, downloaded or
ordered. Unless otherwise stated, all figures are as of December 31, 2015.
They take into account 100% of the capacity of assets held by ENGIE
regardless of the actual holding rate.
Photo credits: ENGIE, ENGIE / CAPA Pictures / Rojas Victor, ENGIE / Yann
Werdefroy, Cyrille Dupont, ENGIE / Interlinks Image / Leimdorfer Gilles,
Crigen, ENGIE / Claire-Lise Havet, ENGIE / Agence Marc Praquin, ELENGY /
Charlotte Nylin, Tractebel, Abacapress, Altivue, Klo Allan, Nicolas Gouhier,
Choque Tapia Carlos Alberto, L. Saccomano, Doris Engineering, M. Daniele,
C. Dupont, P.F. Grosjean, F. Lucazeau, P. Wack
Published 03/2016. Publisher and editor: ENGIE (Global LNG BU).
Design and production: Agence Marc Praquin.
1, place Samuel de Champlain
92930 Paris La Défense — France
Tel. +33 1 44 22 00 00
engie.com