French oil and gas company TotalEnergies has sold its remaining 49% stake in Russian company Terneftegaz, the joint venture between TotalEnergies and Russian company Novatek, which operates the 2.4 bcm natural gas field Termokarstovoye, located in Siberia. Novatek will now own 100% of Terneftegaz. Closing of the deal is expected in September 2022, subject to customary conditions.
The company’s divestment comes as a series of articles published in France have criticised TotalEnergies’ involvement in Russia. However, according to the group, TotalEnergies had agreed to sell to Novatek its 49% interest in Terneftegaz since 18 July 2022. In July 2022 TotalEnergies also announced the sale of its remaining 20% interest in the 30 kb/d Kharyaga oil project to Zarubezhneft. a transfer that was finalised on 3 August 2022.
TotalEnergies still retains minority stakes in several non-state-owned Russian companies: Novatek (19.4%), Yamal LNG (20%), Arctic LNG 2 (10%).