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France's TotalEnergies to halt investment for new Russian projects

The company has been active in Russia for more than 30 years

France's TotalEnergies to halt investment for new Russian projects

Paris, March 1 - Neftegaz.RU. TotalEnergies was under mounting pressure from within France to take action and as a result, the company announced today it will no longer provide capital for new projects in Russia but has not withdrawn from current projects.

TotalEnergies holds a 19.4% stake in a private Russian company NOVATEK.
Paris-based supermajor also holds a 20% stake in Yamal LNG and a 10% stake in the future Arctic LNG 2 development.

The company said in a statement:
  • Total Energies expresses its solidarity with the Ukrainian people who are suffering the consequences and with the Russian people who will also suffer the consequences.
  • The company is mobilized to provide fuel to the Ukrainian authorities and aid to Ukrainian refugees in Europe
  • Total Energies supports the scope and strength of the sanctions put in place by Europe and will implement them regardless of the consequences (currently being assessed) on its activities in Russia
TotalEnergies generates 3 to 5% of its total income in resource-rich Russia, the company´s CEO Patrick Pouyanné told a conference in Paris last week.
Pouyanné pointed out:
  • There was no immediate way for Europe to replace Russian gas imports
  • Europe would need 2 to 3 years to build natural-gas terminals to boost supply enough to compensate for Russian gas
Russia constituted 24% of TotalEnergies proven reserves and 17% of its oil & gas production in 2020, its latest annual report showed.

TotalEnergies swung back to profit in 2021 thanks to higher hydrocarbons prices, with net income of $16 billion and adjusted net income of $18.1 billion, the highest since record years in 2007 and 2008.

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