TotalEnergies Finalizes Exit from Arctic LNG 2

The deal marks the conclusion of a divestment process signaled during the company's second-quarter earnings call. Although TotalEnergies exited the shareholder structure, the agreement preserves the company's right to seek reimbursement for approximately $1.3 billion in shareholder loans, provided such payments comply with evolving international sanctions regimes. Chief executive Patrick Pouyanné confirmed that the transfer received authorization from Russian authorities in June.

TotalEnergies had already accounted for the financial impact of the exit, having fully impaired its $4.1 billion stake in the project back in 2022. Following the imposition of restrictive measures by the U.S., UK, and EU, the firm suspended its operational rights and contractual obligations. While the French major exits the field, Russia continues to move forward, recently incorporating four additional LNG carriers into its specialized fleet to facilitate exports from the sanctioned facility.