TotalEnergies exits Arctic LNG 2 in Russia

Oil prices held near $90 per barrel despite U.S. sanctions on Iran. Saudi Aramco (2222) sold 4 million barrels of crude to PetroChina for September loading outside the Hormuz Strait. Sempra Infrastructure (SRE) plans to double its LNG capacity by 2036. TotalEnergies (TTE) exited a Russian LNG project.

TotalEnergies has completed the transfer of its 10% stake in Arctic LNG 2 to NordLine, a subsidiary of Novatek. The company will retain rights to reimbursement for its share of project loans, approximately $1.3 billion, subject to sanctions.

TotalEnergies has exited Russia's sanctioned Arctic LNG 2 project, transferring its 10% stake to Novatek's subsidiary NordLine. The French company retains reimbursement rights for $1.3B in loans, though subject to sanctions. TotalEnergies wrote off its $4.1B stake in 2022. The exit follows international sanctions on the project.

TotalEnergies has exited the Arctic LNG 2 project but remains a shareholder in two other related gas ventures in Russia. The company retains the right to receive $1.3 billion from Arctic LNG 2.

TotalEnergies transferred its 10% stake in the Arctic LNG 2 project. The company retains rights to reimbursement for its share of loans, estimated at $1.3 billion, subject to sanctions.

TotalEnergies SE has completed the transfer of its 10% stake in Russia's Arctic LNG 2 project to PAO Novatek, retaining rights to reimbursement of around $1.3 billion, subject to sanctions. The French energy company had previously impaired its stake by $4.1 billion. TotalEnergies continues to hold a 20% stake in Yamal LNG, which generates irregular cash flows despite sanctions, averaging $300-400 million annually.