TotalEnergies is completing its exit from Russia’s Arctic LNG 2 project, transferring its 10% stake to Nordline, a subsidiary of Novatek.
The French energy major confirmed the transaction during its second-quarter earnings call, stating the transfer will be finalized in the short term.
This move marks the final step in TotalEnergies' withdrawal from the project, which has been under sanctions pressure since the start of the conflict in Ukraine.
The divestment consolidates Novatek’s control over the Arctic LNG 2 facility, which is majority-owned by the Russian gas producer.
With TotalEnergies out, the project’s operational and commercial future will be determined entirely by Russian entities and their non-Western partners.
The transfer removes a key Western technology and financing partner from the project, potentially complicating maintenance and export logistics in the long run.