TotalEnergies to sell Russian Terneftegaz stake
2022.08.26 16:46
FILE PHOTO: A sign with the logo of French oil and gas company TotalEnergies is pictured at a petrol station in Nantes, France, June 30, 2022. REUTERS/Stephane Mahe
PARIS (Reuters) – TotalEnergies, which is facing criticism over its various business ties with Russia, on Friday said it would sell its stake in Terneftegaz, a joint venture with Novatek, to the Russian oil and gas company.
“Closing is expected in September 2022, subject to customary conditions,” the company said in a statement.
The French company this week has been facing pressure regarding its links to Terneftegaz since Le Monde reported that the firm supplied condensate gas which was later transformed to kerosene used in two Russian army bases.
In a statement issued on Friday afternoon, TotalEnergies said that the divestment had been planned before the controversy emerged and that it had sent a request to approve the deal to Russian authorities on August 8.
The Le Monde report said the firm’s Terneftegaz joint venture was involved in supplying gas condensate to make jet fuel that may have been used by Russia’s military in Ukraine.
TotalEnergies earlier on Friday confirmed it would produce gas condensate jointly with Novatek in Russia that ends up in jet fuel, but said this was all for export.
Global Witness, a campaign group which helped Le Monde compile the report, said TotalEnergies was contradicting itself in its statements and that there should be an enquiry.
