French energy major TotalEnergies announced Thursday it had completed the transfer of its 10% stake in Russia's Arctic LNG 2 project to NordLine, a subsidiary of Russian gas producer Novatek, ending its direct involvement in the sanctioned liquefied natural gas project.
The project, led by Novatek, has been targeted by US sanctions since November 2023.
TotalEnergies said it was no longer a shareholder in Arctic LNG 2 following completion of the transfer.
Under the transfer agreement, TotalEnergies retains the right to be reimbursed by Arctic LNG 2 for its share of loans provided by shareholders to the project, worth around $1.3 billion.
The reimbursement could take place in the future, subject to applicable sanctions, the company said.
Russian President Vladimir Putin had approved on June 3 the sale of TotalEnergies' 10% stake in the Arctic LNG 2 project to Nordline.
Novatek currently holds a 70% stake in the project, while China's CNPC and CNOOC and the Japan Arctic LNG consortium each hold 10%.
By Ebru Sengul Cevrioglu
Anadolu Agency
energy@aa.com.tr
