TotalEnergies Exits Russia’s Sanctioned Arctic LNG 2 Project
TotalEnergies has completed the transfer of its 10% stake in Russia's sanctioned Arctic LNG 2 project to Novatek, the project's operator. The French oil and gas supermajor announced that it no longer holds a shareholder position in the project, which had been intended for export. TotalEnergies retained the right to be reimbursed for its share of the loans provided by shareholders, potentially amounting to $1.3 billion.
The company fully wrote off its $4.1 billion stake in the project in 2022, CEO Patrick Pouyanné confirmed during a recent earnings call. After experiencing sanctions from the UK, EU, and US, TotalEnergies immediately suspended its rights and obligations under related contracts. Novatek approached TotalEnergies and initiated discussions for the transfer of their 10% stake to Nordline, a subsidiary of the project's operator.
Russia recently added four LNG carriers to its fleet of tankers exporting from the sanctioned project.
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