TotalEnergies Exits Russia’s Sanctioned Arctic LNG 2 Project
The company is no longer a shareholder and still has rights to about $1.3 billion in loan reimbursements, it said.
- On Thursday, French major TotalEnergies confirmed the transfer of its 10% interest in Arctic LNG to NordLine, ending its participation in the sanctioned Russian export project.
- TotalEnergies had already fully written off its $4.1 billion stake in 2022 following Russia's invasion of Ukraine, and Western sanctions prompted the company to suspend its contractual obligations.
- CEO Patrick Pouyanne noted the transfer required Russian authorization, and the company retains rights to $1.3 billion in loans, though "such reimbursement might be implemented in the future subject to applicable sanctions."
- Despite this exit, the French major retains its 19.4% stake in Novatek and a 20% interest in the Yamal gas field in Siberia, which continue shipping LNG to Europe since 2013.
- Russia recently added four LNG carriers to its growing dark fleet, continuing to export cargoes from the Arctic project as TotalEnergies distances itself from the sanctioned operations.
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The French major has given up its stake in the Arctic LNG 2 project, but remains a shareholder of the Russian Novatek group and the Yamal LNG liquefaction plant in Siberia.
TotalEnergies Exits Russia’s Sanctioned Arctic LNG 2 Project
French oil and gas supermajor TotalEnergies has completed the transfer of its 10% stake in the Arctic LNG 2 to operator Novatek, ending its participation in the sanctioned Russian export project. TotalEnergies on Thursday confirmed that the transfer of its 10% interest in Arctic LNG 2 to NordLine, a subsidiary of the project’s operator, Novatek, has been completed. TotalEnergies is therefore no longer a shareholder in Arctic LNG 2, said the Fr…
World Oil
Oil & Gas 360TotalEnergies completes exit from Arctic LNG 2, transfers 10% stake
TotalEnergies has completed the transfer of its 10% Arctic LNG 2 stake to Novatek subsidiary NordLine, formally exiting the project while retaining rights to about $1.3 billion in shareholder loan repayments.
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