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…
French energy giant TotalEnergies has sold its 10% share in Russia's sanctioned Arctic LNG 2 project, according to the company's announcement. The transfer of ownership to operator Novatek's subsidiary, NordLine, has now been finalized, effectively ending TotalEnergies' involvement in the troubled LNG export venture. In July, TotalEnergies had disclosed that its exit from the sanctioned project was imminent, citing the impending loss of value in its $4.1 billion investment.
TotalEnergies had fully written off its stake in 2022, and CEO Patrick Pouyanne confirmed the company's intention to dispose of its Arctic LNG 2 shares during the recent earnings call. Russia appears to have added four LNG carriers to its fleet of ships exporting cargo from the sanctioned project, according to recent reports.
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