TotalEnergies Exits Arctic LNG 2, Eyes $1.3 Billion Loan Repayment

TotalEnergies SE has exited its stake in the Arctic LNG 2 project, leaving behind a potential payout of $1.3 billion for loans provided to the Russian liquefied natural gas venture.

The French energy company transferred its 10% stake in Arctic LNG 2 to Novatek PJSC's subsidiary and retains rights to reimbursement for its share of shareholder loans, according to a statement on Bloomberg Terminal Thursday.

The reimbursement is subject to applicable sanctions, TotalEnergies said. The exact timing of the payout is unclear, but it may be implemented in the future.