By Francois Schott

 

TotalEnergies SE won't sell off its Russian assets without financial compensation, Chief Executive Officer Patrick Pouyanne said Wednesday at the company's annual shareholders' meeting.

The French oil-and-gas major will continue operations at the Yamal liquefied natural gas field in Russia for as long as international sanctions allow it, Mr. Pouyanne said.

"We have long-term contracts. The Yamal LNG contract is worth $50 billion. It is out of the question to be charged, in the absence of sanctions, $50 billion," the CEO said.

Giving up the company's holdings without compensation would help enrich Russian investors, in contradiction with the objective of the sanctions, he said. Mr. Pouyanne confirmed, however, that the group would stop its purchases of Russian oil and petroleum products when its current contracts expire at the end of the year.

TotalEnergies holds a 19.4% stake in Russia's LNG producer Novatek and a 20% stake in the Yamal project. The project is operated by Yamal LNG company, which is owned by Novatek.

 

Write to Francois Schott at fschott@agefi.fr

 

(END) Dow Jones Newswires

May 25, 2022 10:27 ET (14:27 GMT)

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