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Total to become largest shareholder in natgas firm Clean Energy

Total has agreed to buy up to 50.8 million shares in Clean Energy Fuels Corp. for $83.4 million, making the French oil company the largest stockholder with a 25% stake in the North American natural gas firm.

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Author: PetrolPlaza Correspondent Daniel Infante Tuaño

The purchase, subject to Clean Energy stockholders’ approval, is part of Total’s strategy to expand its low carbon business, which is already one of the world’s largest.

Clean Energy supplies natural gas fuel and renewable natural gas fuel for transportation in North America with a network of more than 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,” said Patrick Pouyanné, Chairman and CEO of Total.

Total also intends to provide up to $100 million of credit support for a leasing program that aims to place thousands of new natural gas heavy-duty trucks on the road and fuelling at Clean Energy stations.

“Launching the financing program should expedite the adoption of natural gas as the most environmentally friendly fuel for the trucking industry,” said Andrew J. Littlefair, CEO and president of Clean Energy.

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