TotalEnergies says it has 1.1 billion euros total exposure in Yamal LNG and Arctic LNG 2

The French company is facing pressure to exit the Russian Arctic LNG projects.

By Reuters March 25, 2022
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A TotalEnergies logo on a display next to a sculpture of installation artist Hubertus von der Goltz is seen at a fuel station, after Russia’s invasion of Ukraine, in Berlin on March 24, 2022. (Annegret Hilse / Reuters File Photo)

PARIS — French company TotalEnergies, under pressure from politicians over its business interests in Russia, detailed a total exposure of 1.1 billion euros ($1.2 billion) in total to the Yamal LNG and Arctic LNG 2 programs led by Novatek in the Russian Arctic.

“It is specified that TotalEnergies granted guarantees in its capacity as shareholder for the benefit of lenders to cover its share of the debt under the financings of the Yamal LNG and Arctic LNG 2 projects,” it said in its annual report.

[Activist investor urges TotalEnergies to exit Russia or face vote]

“On Yamal LNG, the amount of the guarantee that could be called, if applicable, is approximately 400 million euros; on Arctic LNG 2, the company’s exposure amounts to approximately 700 million euros,” added the company.

Reporting by Benjamin Mallet.