TotalEnergies withdraws from Terneftegaz – Business – Kommersant
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The French TotalEnergies received the consent of the Russian authorities to a deal to sell Novatek a 49% stake in Terneftegaz, which is developing the Termokarstovoye gas field. The deal is expected to close in September. It is expected that TotalEnergies will be able to recover its still unpaid investment in the field.
NOVATEK will consolidate 100% of the joint venture (JV) with the French TotalEnergies Terneftegaz, having bought out a partner’s stake – a 49% stake in the project, the parties announced today. According to the terms of the deal, TotalEnergies will be able to reimburse the investment in the field that has not yet paid off, the French company reports.
Yesterday the deal was approved by the Russian authorities. Today, the parties signed the final share purchase and sale agreement. The deal is expected to close in September, subject to normal terms and conditions. The parties did not name the cost of the transaction.
Production at the Termokarstovoye gas condensate field in the Yamal-Nenets Autonomous District began in 2015. In 2021, the joint venture increased gas production at the field by 5%, to 2.6 billion cubic meters, and the production of liquid hydrocarbons increased by 27%, to 754,000 tons.
Russian President Vladimir Putin on August 5 banned foreign shareholders from “unfriendly” countries from selling strategic assets in the fuel and energy sector without a special decision.
In July reportedthat TotalEnergies intends to transfer to the Russian Zarubezhneft 20% in the Kharyaga project, which is being implemented under a production sharing agreement. This deal was closed on August 3rd. Of the Russian assets, TotalEnergies has only shares in NOVATEK’s Yamal LNG and Arctic LNG-2 projects, the company also remains a shareholder of NOVATEK with a 19.4% share.
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