Monday, February 26

TotalEnergies Doesn’t Plan to Divest Russia Assets, CEO Says

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(Bloomberg) — TotalEnergies SE doesn’t plan to join international peers in divesting its Russian assets following the invasion of Ukraine, Chief Executive Officer Patrick Pouyanne said.

“For me it’s a question of accountability and the responsibility of the offshore stakeholders,” he said at a conference panel in Qatar’s capital, Doha, on Saturday. “Do I give them for free to Mr. Putin? Because this is what it means ‘leaving today’ and giving my shares.”

The French energy major earlier this week said it will no longer sign or renew contracts to buy oil and petroleum products from Russia, with aim to halt all purchases by end 2022 at latest, and has begun “gradual suspension” of Russian operations, according to a statement.

TotalEnergies doesn’t own any oil or natural gas fields in Russia, or any liquefied natural gas plants. It’s a minority shareholder in several non-state-owned Russian companies.

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