TotalEnergies removes directors from Novatek

Friday, 09. December 2022 10:14

TotalEnergies SE announced on Friday in a statement that it decided to pull out its two directors from Russia's second-largest natural gas producer Novatek, as the representatives had to "abstain from voting in meetings of the board of directors of this company" in the wake of European sanctions.

The company shared that its 19.4% stake in Novatek could not be sold "given the prevailing shareholders' agreements" and as such will lead to "an impairment of approximately $3.7 billion in the accounts for the 4th quarter of 2022."

"TotalEnergies has gradually started to withdraw from its Russian assets while ensuring that it continues to supply gas to Europe," the company noted.

Related Links: TotalEnergies SE
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