TotalEnergies intends to maintain its participation in existing projects in Russia
Criticized for maintaining its activities in Russia since the start of the war in Ukraine, the TotalEnergies group announced on Tuesday March 22 “additional measures” Due to “the escalation of the conflict”. The French company has promised to stop all purchases of Russian oil or petroleum products, “as soon as possible and at the latest by the end of 2022”says the group.
1er March, in a previous press release, the oil and gas firm had already declared that it would no longer provide capital for new projects in Russia. However, it intends to maintain its participation in existing projects in the country, unlike the other majors (BP, Shell, ExxonMobil), which have already announced their withdrawal, in retaliation for the invasion of Ukraine by the Russian army. The latest announcements from TotalEnergies do not concern gas deliveries. However, Russia is above all essential to the group’s strategy for this fossil fuel: 30% of its gas production and 40% of its reserves are in this country, against 5% of its production and 6% of its oil reserves.
For the time being, the multinational based in La Défense (Hauts-de-Seine) is still a shareholder of the private Russian group Novatek (19.4% of the shares), the country’s second gas producer far behind Gazprom. It also participates in liquefaction projects to transport liquefied natural gas by ship to Europe or Asia, through the Yamal LNG shipyard, operational since 2017, and that of Arctic LNG 2, expected for 2023. TotalEnergies owns them respectively. 29.7% and 21.6% of the shares, with Novatek.
Targeted by American and European sanctions, the second shareholder of Novatek (ahead of TotalEnergies), Gennadi Timtchenko, resigned from the board of directors of the Russian company on Monday, March 21. Despite this resignation, the French group has maintained the presence of two of its employees among the directors of Novatek.
Less than a month before the presidential election, the environmental candidate, Yannick Jadot, criticized the French company on Monday for being ” partner in crime “ of “war crimes”. From “serious and unfounded accusations”replied TotalEnergies on Tuesday.