TotalEnergies exits sanctioned Russian Arctic LNG project
The French energy giant confirms the transfer of its 10% stake in Arctic LNG 2 to NordLine, a Novatek subsidiary.
French energy giant TotalEnergies has completed its exit from the Arctic 2 liquefied natural gas project in Russia, following Western sanctions imposed in response to Russia's invasion of Ukraine. The company announced that it had transferred its 10% stake in the project to the majority shareholder, Novatek. TotalEnergies had previously written down the value of its stake in the Arctic 2 project by $4.1 billion in 2022, following the start of the Ukraine war.
The company still holds the right to reimbursement by Arctic 2 of $1.3 billion in loans it provided with other shareholders, though repayment is currently unlikely due to the sanctions. Most Western companies promptly sold off their Russian operations and holdings after the Ukraine invasion, while Russia has made it difficult for firms to leave by requiring presidential authorization for deals.
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- TotalEnergies exits sanctioned Russian Arctic LNG project freemalaysiatoday.com
