Head of Total: our company has no future with Russia

Head of Total: our company has no future with Russia


Yesterday Patrick Pouyanne, CEO of the French energy company TotalEnergies told to investors in New York on a business reorganization plan that includes, among other things, a complete severing of ties with Russia.

Over the next three years, Total will increase investments in the development of its oil, gas and renewable projects in other countries. Mr. Pouyanne added that at present his company still continues to receive dividends due to it for a 19% stake in Novatek and a 20% stake in Yamal LNG. However, in the near future, according to the head of the French company, this should end.

“It is quite difficult to receive cash payments. Financial ties between Russia and the rest of the world are becoming increasingly complex, especially when used by Western companies. Yes, this year we have received something, but every month the transfer process becomes more and more difficult,” the head of Total emphasized, adding that the company “has no future with Russia.”

As part of developing new operations and moving away from business with Russia, Total has increased investment in floating LNG facilities to help Europe diversify sources of energy imports. In addition, the French company signed new long-term contracts with Qatar for the supply of LNG. According to Total forecasts, by 2027 its LNG production in Qatar and the United States will completely replace supplies from Russia.

Evgeniy Khvostik



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