(June 3): Russian President Vladimir Putin authorised TotalEnergies SE to sell a 10% stake in its Arctic LNG 2 project to a company called NordLine LLC, according to a presidential order.
TotalEnergies previously wrote down the value of its interest in Arctic LNG 2 after it came under sanctions because of Russia’s war in Ukraine and has consistently said it has taken no revenue from the project.
The order would allow the transfer of TotalEnergies’ direct holding in the Novatek-led LNG project, one of Russia’s flagship Arctic gas ventures.
In May, Novatek, which owns 60% of Arctic LNG 2, created a wholly owned subsidiary called Nordline. No terms were set out.
TotalEnergies was among a handful major Western energy companies that retained stakes in a strategic Russian projects after the invasion of Ukraine. While a number of foreign investors have exited Russia since then, Kremlin approvals for the sale of significant assets have become relatively rare in the resent years.
TotalEnergies didn’t immediately respond to requests for comment. The major still holds stakes in other assets in Russia.
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