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War in Ukraine: TotalEnergies “will no longer bring capital to new projects in Russia”

2022-03-01T10:36:26.773Z


The French giant, however, does not plan to exit assets in which it has already invested. The French energy giant TotalEnergies announced on Tuesday that “ it will no longer provide capital to new projects in Russia ”, in the midst of the war with Ukraine, without however withdrawing from the projects in which it is currently invested. , according to a statement sent to AFP. The group generates 3 to 5% of its total income in Russia, its CEO Patrick Pouyanné indicated a few days ago. R


The French energy giant TotalEnergies announced on Tuesday that “

it will no longer provide capital to new projects in Russia

”, in the midst of the war with Ukraine, without however withdrawing from the projects in which it is currently invested. , according to a statement sent to AFP.

The group generates 3 to 5% of its total income in Russia, its CEO Patrick Pouyanné indicated a few days ago.

Read alsoTotalEnergies surfs on soaring energy prices

TotalEnergies is a 19.4% shareholder in Russian gas giant Novatek and has a 20% stake in Yamal LNG, a project that started at the end of 2017 and produced more than 18 million tonnes of liquefied natural gas (LNG) in 2020. The group also holds a 10% stake in Arctic LNG 2, a project whose first LNG delivery is scheduled for 2023. In Russia, TotalEnergies is also involved up to 10% in another LNG project in the north of country, made up of three "

trains

" (all the units of a plant providing gas treatment and liquefaction, editor's note), the first of which should supply international markets in 2023.

In its statement on Tuesday, TotalEnergies said it "

approves the scope and strength of the sanctions put in place by Europe and will implement them regardless of the consequences (being assessed) on the management of its assets in Russia

" .

.

The group indicates that it “

will no longer provide capital for new projects in Russia

”.

Majors pull out of Russia

Tuesday morning, the French Minister of the Economy Bruno Le Maire, questioned on the activities of the hexagonal giants TotalEnergies and Engie in Russia, had estimated that there was now "

a problem of principle to work

" with any personality close to the Russian power .

.

Concerning TotalEnergies more specifically, the minister had assured France Info that "

decisions

" would be taken "

in the coming days

" with the group, while other oil majors, such as the British Shell and BP, have announced that they will withdraw from their projects in Russia and sell the shares of Russian companies they held.

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TotalEnergies indicated on Tuesday "

to condemn Russia's military aggression against Ukraine which has tragic consequences for the populations and threatens Europe

" and "

expresses its solidarity with the Ukrainian population which suffers the consequences and with the Russian population which will also suffer the consequences

”.

The group says

it is "mobilizing to provide fuel to the Ukrainian authorities and aid to Ukrainian refugees in Europe

".

In 2020, Russia accounted for 16.6% of TotalEnergies' annual liquids and natural gas production, according to its 2020 registration document.

Source: lefigaro

All business articles on 2022-03-01

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