Top Lubricants (TotalEnergies in Russia)

2023: Lubricants plant in Kaluga region transferred to Russian management

By March 2023, the French TotalEnergies transferred a lubricant plant in the Kaluga Region to Russian management. The company will now produce oils under the Lemarc brand.

2022

Continued work in Russia

French TotalEnergies continues to work in Russia to ensure energy exports to Europe, company head Patrick Pouyanne said in November 2022.

Qatar launches country's largest solar power plant

On October 18, 2022, the official commissioning ceremony of Qatar's largest solar power plant took place: a farm called Al-Kharsaah Solar PV Power Plant (KSPP) provides up to 800 MW of power. Read more here.

Ukrainian government extorts from TotalEnergies

The hysteria in the Western press about the double standards of TotalEnergies (see below) was joined by the first persons of Ukraine, starting almost public extortion.

On September 1, 2020z, an article appears in The Wall Street Journal that Oleg Ustenko and Mikhail Podolyak, chief advisers to Ukrainian President Zelensky, sent a letter to TotalEnergies executive director Puyanna asking: what he plans to do with dividends of 440 million, dollars which the company was supposed to receive from its 19% shares in Novatek"."

"This is bloody money," the advisers wrote, demanding TotalEnergies scrap the dividend and redirect the money to Ukraine.

By the way, for the first time such a proposal was made in the human rights anti-corruption NGO Global Witness, on whose statements relied on Le Monde. And the advisers of the Ukrainian president did not miss the chance to pick up the arguments of the press and engage in blackmail of TotalEnergies, which have already invested in the material support of the Armed Forces of Ukraine.

The head of the company, Puyanne, declined to comment.

Accusations of French press in the supply of fuel for Russian fighters

In August 2022, TotalEnergies expected a real test. The newspaper Le Monde caught the company in operation together with Novatek, whose shareholders are the French, fields where gas condensate is allegedly produced for Russian fighters. TotalEnergies received a portion of accusations of financing the Russian army.

On August 26, TotalEnergies issues a press release in response to the article. The company denies the allegations, citing as evidence Novatek's response to their request that where is the gas condensate that the French formally participate in the production?

Novatek assured that the condensate goes to a plant in the Leningrad Region, which produces jet fuel exclusively for export, which does not even have certification for sale in Russia.

Sale of 49% of Terneftegaz shares to Novatek

In August 2022, the French TotalEnergies sold 49% in Terneftegaz to Novatek, which previously owned 51% in the company. Now NOVATEK owns 100% of Terneftegaz.

Recording a $3.5 billion impairment loss in Novatek, Russia

In July 2022, TotalEnergies decided to record an impairment loss of $3.5 billion on its share in the Russian company Novatek.

Loss of interest in Russian Kharyaga field

In July 2022, the Cabinet of Ministers of the Russian Federation ordered the transfer of Zarubezhneft's stake in Statoil in the Kharyaga field of 30% and the share of French Total of 20%. The decision was made against the background of the conflict in Ukraine and the confiscation of Russian assets in Europe.

Earlier, the French TotalEnergies said it was selling its 20% stake in the Kharyaga field of Zarubezhneft. At the same time, the company announced the preservation of shares in Russian Terneftegaz, Arctic LNG 2, Yamal LNG and Novatek.

Impairment losses in Q1 of $4.1 billion due to problems with Arctic LNG 2

At the end of April 2022, TotalEnergies estimated asset impairment losses in the first quarter at $4.1 billion, mainly in relation to Arctic LNG 2, which is associated with risks around European sanctions due to Russia's special operation in Ukraine.

"The European authorities actually adopted new sanctions, in particular, banning the export of goods and technologies from the EU countries for use in liquefying natural gas in the interests of the Russian company. These new bans appear to pose additional risks to the project. "

"$4 billion shows that TotalEnergies has begun to turn the page" in Russia, a company spokesman said. "This is the beginning of the pullback."

Support for sanctions against Russia, but refusal to close business in the country

On March 1, 2022, amid Russia's special operation in Ukraine, the French oil and gas company TotalEnergies announced that it would not invest in new Russian projects.

TotalEnergies said it supported sanctions against Russia and would implement them, whatever the implications for managing its assets in Russia.

On March 23, 2022, Patrick Pouyanne, CEO of the French oil and gas company TotalEnergies, said that he did not know how to replace Russian gas now, so Europe could not do without it.

TotalEnergies does not intend to completely leave the Russian market, this is due, among other things, to the fact that its competitors continue to operate in the country due to contractual features.

2011: Purchase of a stake in Novatek

In 2011, Total acquired an equity stake in Novatek.

1991: Start of Total in Russia

Concern Total"" has been operating Russia since 1991, implementing a number of projects in the field of exploration and production of hydrocarbons, marketing and trading. Over the years, the concern has established strong partnerships with Russian oil and gas companies.