PARIS, Dec 13 (Reuters) - French energy company Total TOTF.PA has agreed to sell a 4 percent stake in its Australian Ichthys liquefied natural gas (LNG) project to partner INPEX 1605.T for $1.6 billion, following cost over-runs.
"This transaction is part of our constant portfolio review to optimize our capital allocation. Ichthys is part of a wave of Australian LNG projects, which have unfortunately experienced major cost overruns and delays during their construction phase," Arnaud Breuillac, president of exploration and production at Total, said in a statement.