TotalEnergies exits Russian Arctic LNG project
This file photograph shows the logo of TotalEnergies at the Total Energies refinery site, in Gonfreville-l'Orcher, near Le Havre, northwestern France, on October 5, 2022. (AFP Photo)
French energy giant TotalEnergies said on Aug. 27 that it had completed its exit from a Russian gas project hit by Western sanctions following Russia's invasion of Ukraine.
Chief executive Patrick Pouyanne announced in July a plan to transfer its 10 percent stake in the Arctic 2 liquefied natural gas project to the majority shareholder Novatek.
The firm had already taken a $4.1 billion write-down of its stake in Arctic 2 in 2022, following the outbreak of the Ukraine war that year.
