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.
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Key Facts
- Fact 1: 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.
- Fact 2: 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.
- Fact 3: TotalEnergies is therefore no longer a shareholder in Arctic LNG 2, said the French major, which had announced in its second-quarter earnings call in July that an exit from the sanctioned project was imminent.
- Fact 4: As part of the transfer agreement, TotalEnergies retains its rights to be reimbursed by Arctic LNG 2 for its share of the loans provided by the shareholders to the project, for an amount of around US$1.3 billion.
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 French major, which had announced in its second-quarter earnings call in July that an exit from the sanctioned project was imminent. As part of the transfer agreement, TotalEnergies retains its rights to be reimbursed by Arctic LNG 2 for its share of the loans provided by the shareholders to the project, for an amount of around US$1.3 billion. Such reimbursement might be implemented in the future, subject to applicable sanctions, the French company said.
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