Total Energies Announces Exit from Russia

By Adedapo Adesanya

One of the leading oil companies in the world, Total Energies, has announced plans to stop buying oil and petroleum products from Russia, making it the latest multinational to stop its operations following the country’s invasion of Ukraine.

In a statement, the company said following discussions with its stakeholders, its principles of action in the conduct of its activities in relation to Russia in a way to enable them to understand how it acts responsibly.

“Faced with the worsening of the conflict, TotalEnergies is also taking additional measures.

“TotalEnergies reaffirms its strongest condemnation of Russia’s military aggression against Ukraine, which has tragic consequences for the Ukrainian population and threatens peace in Europe.

“In order to act responsibly, as a European company and in accordance with its values, TotalEnergies has defined clear principles of action to manage its activities in relation to Russia:

“Ensure strict compliance with current and future European sanctions, whatever the consequences for the management of its assets in Russia and initiate the gradual suspension of its activities in Russia, ensuring the safety of its personnel.

“TotalEnergies recalls that it does not operate any oil or gas field, nor any liquefied natural gas (LNG) plant in Russia, contrary to the idea conveyed by several commentators.”

Total Energies is a minority shareholder in various Russian private companies, Novatek (19.4 per cent), Yamal LNG (20 per cent), Arctic LNG 2 (10 per cent), TerNefteGaz (49 per cent) and these companies are managed by own staff with a number limited.

It is also a partner with 20 per cent of JV Kharyaga operated by Zarubezhneft. The Company certainly contributed to the construction phase of the projects of these companies but has no activity or operational responsibility on these sites.

The energy firm had only 11 employees seconded to these various companies as of February 24, 2022, and there are currently only 3 expatriates seconded to Russia.

Total Energies noted while it is pulling out of the country, it will ensure the safety of its teams as it has also decided to put its commercial developments in the areas of batteries and lubricants in Russia on hold.