TotalEnergies stays in Russia’s Yamal LNG, supply says

An indication with the emblem of French oil and fuel firm TotalEnergies is pictured at a petroleum station in Bouguenais close to Nantes, France on November 14, 2022. (Stephane Mahe / Reuters File Photograph)

French oil large TotalEnergies is just not leaving the Yamal LNG challenge for now, a supply aware of the matter stated on Friday, after the corporate determined to take a $3.7 billion write-off on its stake in Russia’s Novatek.

Yamal LNG produces liquefied pure fuel in Russia’s Arctic.

When requested if the corporate was remaining within the Yamal LNG enterprise, a spokesperson for TotalEnergies replied: “After all, since TotalEnergies, on the request of EU authorities, has to maintain guaranteeing that it continues to provide fuel to Europe by way of Yamal LNG.”

TotalEnergies owns 20 % within the challenge, whereas Novatek has a 50.1 % stake. China’s CNPC controls 20 %, whereas Silk Street Fund has 9.9 %.

Reporting by Reuters bureaus and Silvia Aloisi in Paris.