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TotalEnergies Sells Its 49% Stake In Russian Termokarstovoye Gas Field To Novatek

Multi-energy company TotalEnergies SE (TTE, TTA.L) announced Friday the sale of its 49% stake in Terneftegas, engaged in developing the Russian Termokarstovoye gas field, to Russian natural gas producer Novatek, which will now own a 100% stake in Terneftegas.

This sale is part of TotalEnergies' publicly shared principles of conduct for its Russian related business.

TotalEnergies reiterated its firmest condemnation of Russia's military aggression against Ukraine and stated that it would ensure strict compliance with current and future European sanctions, no matter what the consequences on the management of its assets in Russia.

TotalEnergies also announced the gradual suspension of its activities in Russia for those which do not contribute to the security of energy supply of Europe. This included assets producing oil (Kharyaga field) and gas for the local Russian market (Termokarstovoye field) as well as other local businesses (lubricants, batteries) which were mothballed in the first half of the year.

In July, TotalEnergies sold its remaining 20% interest in the Kharyaga oil project to Zarubezhneft, and also agreed to sell to Novatek TotalEnergies' 49% interest in Terneftegaz, which operates the Termokarstovoye gas and condensates field in Russia.

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