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TotalEnergies stays in Russia's Yamal LNG - source

Published 12/09/2022, 10:52 AM
Updated 12/09/2022, 10:58 AM
© Reuters. FILE PHOTO: A sign with the logo of French oil and gas company TotalEnergies is pictured at a petrol station in Bouguenais near Nantes, France, November 14, 2022. REUTERS/Stephane Mahe/File Photo
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(Reuters) - French oil giant TotalEnergies is not leaving the Yamal LNG project for now, a source familiar with the matter said on Friday, after the company decided to take a $3.7 billion write-off on its stake in Russia's Novatek. Yamal LNG produces liquefied natural gas in Russia's Arctic. When asked if the company was remaining in the Yamal LNG venture, a spokesperson for TotalEnergies replied: "Of course, since TotalEnergies, at the request of EU authorities, has to keep ensuring that it continues to supply gas to Europe via Yamal LNG." TotalEnergies owns 20% in the project, while Novatek has a 50.1% stake. China's CNPC controlls 20%, while Silk Road Fund has 9.9%.

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