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TotalEnergies sells 49% interest in Russian gas field to Novatek
Novatek has signed a final sale and purchase agreement (SPA) to acquire TotalEnergies’ 49% interest in Terneftegaz in Russia
Once the transaction closes as expected in September 2022, Novatek will control 100% of the Siberian gas field.
The two parties agreed on the sale on 18 July 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”, according to the French energy giant.
Pursuant to Russian regulations, a request to authorise the proposed sale was addressed to the Russian authorities on 8 August and subsequently approved on 25 August.
The finalisation of the sale of the Terneftegaz, follows in the wake of a withering report by the French newspaper Le Monde that alleged gas condensates produced at the Siberian gas field were being used to produce jet fuel for the Russian military aircraft that deployed to strike Ukraine, using information compiled by the NGO Global Witness and obtained from the financial database Refinitiv, held by the London Stock Exchange.
Responding to the Le Monde report, TotalEnergies refuted the claims of the article, “How TotalEnergies Gas is Fueling Russian Fighter Jets in Ukraine”, stating it “categorically denies all the unfounded allegations made in the article”.
TotalEnergies, which holds a 19.4% minority stake in Novatek, asked the Russian independent gas producer to explain how condensate from Terneftegaz, along with that of other Russian producers, is processed at the Purovsky Plant. “The entirety of stable condensate produced at the Purovsky Plant from the feedstock coming from Novatek’s subsidiaries and affiliates, including Terneftegaz, is delivered to the Ust-Luga processing complex in the Leningrad Region. The range of products derived during processing at the Ust-Luga Complex includes jet fuel (Jet A-1) that is exclusively exported outside Russia, and it does not even have the certification to be sold inside the country”.
This response, said TotalEnergies, confirmed its stance: “No, TotalEnergies does not produce jet fuel for the Russian army”. The French oil and gas giant said it would “take all appropriate legal action” if needed to protect its reputation from these damaging allegations.
TotalEnergies is a minority shareholder in Yamal LNG (20%) and Arctic LNG 2 (10%).
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