War in Ukraine: TotalEnergies sells its stake in a Russian gas field

Europe 1 with AFP 4:42 p.m., August 26, 2022, modified at 4:43 p.m., August 26, 2022

The French giant TotalEnergies announced on Friday that it had agreed with its Russian partner Novatek to sell it its 49% stake in the company Terneftegaz, which operates the Termokarstovoye gas field in Russia.

This is the gas field implicated by the French newspaper

, which is based on several documents and an investigation by the NGO Global Witness.

This Russian gas field is accused of having supplied gas condensate to a Russian refinery, which made it into kerosene, which would then have been shipped to supply Russian planes engaged in the conflict in Ukraine.

TotalEnergies denied the destination of these fuels, also indicating that the steps to sell this joint venture had started several weeks ago.

TotalEnergies agreed on July 18 with Novatek (which it also holds 19.4%, editor's note) to sell its 49% stake in Terneftegaz to it, and this "under economic conditions allowing TotalEnergies to recover the amounts invested in this field", indicates the press release, which does not give figures.

Novatek has confirmed that it now owns 100% of this field.

TotalEnergies under pressure

The Russian authorities were seized on August 8 of a request for authorization of this transaction, they gave their agreement on August 25, and TotalEnergies and Novatek thus signed this Friday the definitive agreement of sale.

The oil giant adds that this sale falls within its "principles of action" set in March for its activities in connection with Russia.

TotalEnergies has been under pressure since

published its investigation on Wednesday, based on documents and investigations carried out by the NGO Global Witness, accusing Termokarstovoye gas of having been used to supply Russian warplanes engaged in Ukraine.

Friday morning, the group published elements from Novatek ensuring that this fuel is in no way intended for this purpose.

"All unstable condensates produced by our subsidiaries and related companies of Novatek are treated in our condensate stabilization plant in Purovsky", before being "delivered to the industrial complex of Ust-Luga in the Leningrad region, which manufactures products including kerosene exclusively exported outside of Russia", assured Novatek in this press release published by TotalEnergies.

"No, TotalEnergies does not produce kerosene for the Russian army," summed up the French group.

⚠️ Important: Following the reactions of @TotalEnergies after the publication of an article in the newspaper @LeMondefrhttps://t.co/B9RXyEAfne

— TotalEnergies Press (@TotalEnergiesPR) August 26, 2022