TotalEnergies Exits Arctic LNG 2 Project

By AFP Aug. 27, 2026 novatek.ru French energy company TotalEnergies said Thursday that it has completed its exit from a Russian gas project sanctioned in the West. CEO Patrick Pouyanne had announced in July a plan to transfer the company's 10% stake in the Arctic LNG 2 liquefied natural gas project to the majority shareholder, Novatek. The firm had already taken a $4.1 billion write-down of its stake in the project in 2022 following the full-scale invasion of Ukraine. "TotalEnergies confirms that the transfer of its 10% interest in Arctic LNG 2 to NordLine [a Novatek subsidiary] has been completed. TotalEnergies is therefore no longer a shareholder," the company said in a statement. It added that it still had the right to reimbursement of $1.3 billion in loans it provided to the project with other shareholders, while indicating that repayment was unlikely for now. "Such reimbursement might be implemented in the future subject to applicable sanctions," TotalEnergies said. Many Western companies quickly sold, suspended or scaled back their operations in Russia after the 2022 invasion of Ukraine. Russia has since made it difficult for firms to leave, requiring presidential authorization for sales. Pouyanne said in July that TotalEnergies had recently received approval for the Arctic LNG 2 stake transfer. Novatek, which was founded in 1994, has been TotalEnergies' main partner in Russia. In 2013, they jointly launched the Yamal natural gas field in Siberia, from which they ship LNG to Europe. TotalEnergies still holds a 19.4% stake in Novatek and a 20% stake in Yamal. The company says it cannot sell those stakes under the current sanctions regime against Russia. Read more about: Novatek , France , Business , LNG Sign up for our free weekly newsletter Our weekly newsletter contains a hand-picked selection of news, features, analysis and more from The Moscow Times. You will receive it in your mailbox every Friday. Never miss the latest news from Russia. Preview Subscribers agree to the Privacy Policy We sent a confirmation to your email. Please confirm your subscription. A Message from The Moscow Times: Dear readers, We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent." These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia. We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help. Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact. By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us. Once Monthly Annual Continue Not ready to support today? Remind me later. × Remind me next month Remind me Thank you! Your reminder is set. We will send you one reminder email a month from now. For details on the personal data we collect and how it is used, please see our Privacy Policy. Read more Japanese Officials Meet Russian Counterparts Over Corporate Assets – Bloomberg Japanese officials also attended an event involving Russian energy, metals and fertilizer companies. 2 Min read Putin Allows France’s TotalEnergies to Sell Stake in Arctic LNG 2 The buyer, NordLine, is a recently established subsidiary of Russia’s second-largest natural gas producer, Novatek, Kommersant reported. 1 Min read Russia’s Arctic LNG 2 Ramps Up Output to Record Levels – Bloomberg Average daily output in September reached 17.9 million cubic meters, about 14% higher than the previous peak in August. 2 Min read Ex-Kremlin Loyalist Declared Mentally Fit to Stand Trial for Putin Criticism Ilya Remeslo faces up to 10 years in prison if found guilty of spreading false information about the Russian military. 1 Min read