TotalEnergies Exits Arctic LNG 2 Project with NordLine Stake Transfer

TotalEnergies has finalized its exit from the Arctic LNG 2 project by transferring its 10% stake to NordLine, a subsidiary of Novatek. The transfer completes TotalEnergies' withdrawal as a shareholder in the project.

As part of the agreement, TotalEnergies retains the right to be reimbursed for its share of loans provided to the project, amounting to approximately $1.3 billion. This reimbursement may occur in the future, subject to applicable sanctions.

The Arctic LNG 2 project involves Novatek (60%), China's CNPC and CNOOC (each with a 10% stake), Japan Arctic LNG (also with a 10%), and TotalEnergies' former stake of 10%. The project aims to construct three process trains for liquefied natural gas production, with an annual capacity of 6.6 million tons.