Putin approves sale of TotalEnergies' 10% stake in sanctioned Arctic LNG 2 project
Russian President Vladimir Putin has authorized the sale of a 10% stake in the sanctioned Arctic LNG 2 project held by France's TotalEnergies to a company named Nordline, according to a decree.
The document provided no details about Nordline or the terms of the potential transaction. TotalEnergies declined to comment on details of the sale.
If finalized, the French oil major would still hold an indirect stake in the project, as it owns 19.4% of private Russian liquefied natural gas company Novatek.
Arctic LNG 2 was sanctioned by the U.S. over Russia's invasion of Ukraine, causing Total to invoke force majeure on its contracts to offtake LNG cargoes from the project.
Remaining shareholders in the project include Novatek (60%), China National Petroleum Corp (10%), China National Offshore Oil Corp (10%) and a consortium of Mitsui and Japan Organization for Metals and Energy Security (10%).
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