The French supermajor oil company TotalEnergies said last week that it signed an agreement with Novatek to acquire 10 percent of Arctic Transshipment LLC, a wholly-owned subsidiary of Novatek that will operate two LNG transshipment complexes currently under construction in the Kamchatka and Murmansk regions.
“We are pleased to have signed this acquisition with Novatek, our long-standing strategic partner, which is in line with our strategy of integration along the entire LNG value chain,” said Patrick Pouyanné, Chairman and CEO of TotalEnergies, on the occasion of the signature at the Saint Petersburg International Economic Forum.
“These terminals mark an important step in the advancement and consolidation of the Arctic LNG 2 project, and will contribute to the safe and sustainable export of cargoes from our existing and developing Yamal projects.”
TotalEnergies is a 19.4 percent shareholder in Novatek and holds a 20 percent stake in Yamal LNG, a project that started up in December 2017 and produced more than 18.8 million tons of LNG in 2020. The company also holds a 10 percent stake in Arctic LNG 2, a project currently under construction and on track to deliver its first LNG cargo in 2023.
The company, formerly known as Total, rebranded itself as TotalEnergies late last month at a meeting where shareholders also approved its new climate plan.