TotalEnergies Won't Sell Off Russian Assets Without Compensation, CEO Says
May 25 2022 - 10:42AM
Dow Jones News
By Francois Schott
TotalEnergies SE won't sell off its Russian assets without
financial compensation, Chief Executive Officer Patrick Pouyanne
said Wednesday at the company's annual shareholders' meeting.
The French oil-and-gas major will continue operations at the
Yamal liquefied natural gas field in Russia for as long as
international sanctions allow it, Mr. Pouyanne said.
"We have long-term contracts. The Yamal LNG contract is worth
$50 billion. It is out of the question to be charged, in the
absence of sanctions, $50 billion," the CEO said.
Giving up the company's holdings without compensation would help
enrich Russian investors, in contradiction with the objective of
the sanctions, he said. Mr. Pouyanne confirmed, however, that the
group would stop its purchases of Russian oil and petroleum
products when its current contracts expire at the end of the
year.
TotalEnergies holds a 19.4% stake in Russia's LNG producer
Novatek and a 20% stake in the Yamal project. The project is
operated by Yamal LNG company, which is owned by Novatek.
Write to Francois Schott at fschott@agefi.fr
(END) Dow Jones Newswires
May 25, 2022 10:27 ET (14:27 GMT)
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