Environment and Energy
TotalEnergies Gets Kremlin Approval to Sell Stake in Arctic LNG 2
After seven years of involvement, TotalEnergies received Kremlin approval to exit the Arctic LNG 2 liquefaction terminal project in Russia's far north. A federal decree will allow the French energy major to sell its 10 percent stake to a Novatek subsidiary, bringing Novatek's share to 70 percent. The project has been under Western sanctions since the invasion of Ukraine and has yet to achieve full-rate production due to Arctic ice conditions and equipment design challenges.
