TotalEnergies Exits Arctic LNG 2 Stake

TotalEnergies, the French oil major, is withdrawing from its 10% stake in the Arctic LNG 2 project in Russia, transferring its interests to Nordline, a subsidiary of Novatek, the plant’s majority owner. CEO Patrick Pouyanne announced the move during the company's second-quarter financial results call.

French oil giant TotalEnergies is pulling out of its investment in the Arctic LNG 2 plant, situated in Russia. The company will transfer its 10% stake to Nordline, a subsidiary under Novatek, which owns the majority of the plant.

The announcement was made Thursday by CEO Patrick Pouyanne, during a call addressing TotalEnergies’ second-quarter financial performance.

This move is expected to take place in the near term, marking a significant shift in the company's involvement in Russian energy projects.