TotalEnergies Exits Russia’s Sanctioned Arctic LNG 2 Project
French oil and gas supermajor TotalEnergies has completed the transfer of its 10% stake in the Arctic LNG 2 to operator Novatek, ending its participation in the sanctioned Russian export project. TotalEnergies on Thursday confirmed that the transfer of its 10% interest in Arctic LNG 2 to NordLine, a
Source: OilPrice.com
―
DW NOTE
TotalEnergies held a 10% stake in Arctic LNG 2 after Novatek and its Chinese partners. The project has been under U.S. sanctions since November 2023 and has shipped virtually no cargo — the first train sat idle for months before a single test cargo in May. This isn't a bold exit; it's the formality of writing off an asset that stopped functioning two years ago.