TotalEnergies agreed to sell 49% in Terneftegaz to Novatek
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The French oil and gas company TotalEnergies has agreed with Novatek to sell its 49% stake in Terneftegaz, reported on the company’s website.
The French company agreed to sell its stake on July 18, and a request for approval of the transaction was sent to the Russian authorities on August 8.
“On August 25, the Russian authorities gave their consent to the expected sale. As a result, on August 26, TotalEnergies and “Novateksigned a definitive sale and purchase agreement for a 49% stake in TotalEnergies in Terneftegaz.
The transaction is expected to be closed in September, following its results “Novatek» consolidates 100% of Terneftegaz.
On July 6, French TotalEnergies announced the transfer of its 20% stake in the PSA project to Zarubezhneft, the sale was completed on August 3.
After the start of the SVO in Ukraine, a number of foreign oil and gas companies began to announce their withdrawal from Russian assets. In particular, the American ExxonMobil announced its intention to withdraw from the Sakhalin-1 project, the British-Dutch Shell from the Sakhalin-2 project. Earlier, the British BP announced the exit from Russian projects. The company announced plans to sell its stake in Rosneft (19.75%) and remove two of its representatives from the board of directors of the company.
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