Commodities
TotalEnergies Dumps Arctic LNG 2 Stake Amid Ongoing Sanctions
French energy major TotalEnergies has exited Russia's Arctic LNG 2 project after completing the transfer of its 10% stake to NordLine, a subsidiary of Russian gas producer Novatek.
The transfer was approved by Russian President Vladimir Putin on June 3 and follows US sanctions imposed on the project in November 2023.
TotalEnergies retains the right to be reimbursed for its share of loans provided to the project, worth around $1.3 billion, but this could only happen subject to applicable sanctions.