TotalEnergies begins its withdrawal from Russia, the French group being criticized from all sides for its maintenance in the country since the beginning of the Russian invasion in Ukraine. The Russian bill ultimately proved to be too high for the company, particularly concerning the completion of the Arctic LNG 2 project.
TotalEnergies is starting to turn the page in Russia, the spokesperson for the French hydrocarbon giant said on Wednesday April 27. The group announced a $4.1 billion impairment of assets on the Arctic LNG 2 project.
This gigantic production site, in which the French company owns 10%, was to make its first delivery of liquefied natural gas from Siberia in 2023. But the sanctions taken against Russia would pose more risks to the ability to execute this project.
The French hydrocarbon giant had already decided on March 22 to no longer register proven reserves for Arctic LNG 2 and to no longer contribute capital to the project, “ given the uncertainties posed by technological and financial sanctions on the ability to carry out the project under construction “.
New sanctions since early April
TotalEnergies had already distanced itself from Moscow, pledging not to buy Russian oil and oil products by the end of the year at the latest. He had also announced that he would no longer provide capital for new projects in Russia.
But since that date, April 8, “ new sanctions have indeed been adopted by the European authorities, in particular prohibiting the export from the territory of the European Union of goods and technologies intended for the liquefaction of natural gas for the benefit of a Russian company “, notes the group.
The announcement comes as Russian Trade and Industry Minister Denis Mantourov announced earlier that French automaker Renault was in negotiations to sell its stake in the Russian car manufacturer AvtoVAZ at a Russian scientific institute specializing in automobiles.
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