TotalEnergies Sells Stake in Terneftegaz to Novatek
Posted on 08/26/2022
TotalEnergies will sell its stake in Terneftegaz JSC, one of the largest Russian oil companies, to Novatek. TotalEnergies signed the final sale and purchase agreement with Novatek, the largest independent natural gas producer in Russia, to sell its 49% interest in Terneftegaz. Novatek is Russia’s second largest natural gas producer.
“TotalEnergies agreed to sell to Novatek TotalEnergies’ 49 per cent interest in Terneftegaz, which operates the Termokarstovoye gas and condensates field in Russia, on economic terms enabling TotalEnergies to recover the outstanding amounts invested in the field,” the French company said in a statement.
“Pursuant to Russian regulations, a request to authorise this transaction was addressed to the Russian authorities on August 8 … on August 25, Russian authorities issued their agreement to the proposed sale,” it said.
In March 2022, TotalEnergies said it would no longer provide capital for new projects in Russia following Moscow’s invasion of Ukraine in late February 2022.
In July 2022, TotalEnergies announced the sale of its remaining 20% interest in the Kharyaga oil project to Moscow-based state-controlled oil company Zarubezhneft. The transfer was finalized on August 3, 2022.
Keywords: Total S.A.
