TotalEnergies Exits Arctic LNG 2 Project Amid Ongoing Sanctions
French oil and gas supermajor TotalEnergies has officially exited Russia's Arctic LNG 2 project, transferring its 10% stake to operator Novatek. The move comes after the company announced in July that it would be leaving the sanctioned Russian export project.
TotalEnergies retains its right to be reimbursed by Arctic LNG 2 for its share of the loans provided to the project, amounting to around $1.3 billion. However, this reimbursement is subject to applicable sanctions and might only occur in the future.
As part of the exit, TotalEnergies wrote off its $4.1 billion stake in Arctic LNG 2 back in 2022, according to CEO Patrick Pouyanné. He also stated that the transfer was authorized by Russia's authorities in June and is in the best interest of both companies.