TotalEnergies completes its exit from Arctic LNG 2 after transferring its 10%
TotalEnergies has completed the transfer of its 10% stake in Arctic LNG 2 to NordLine, a subsidiary of Novatek. With the closing of the transaction, the French company is no longer a shareholder in this LNG project in Russia.
Furthermore, the transaction leaves one financial front open; TotalEnergies retains the right to receive approximately US$1.3 billion corresponding to its share of the loans granted by shareholders to Arctic LNG 2. However, any future repayment will be subject to applicable penalties.
TotalEnergies ceases to be a shareholder of Arctic LNG 2
Specifically, TotalEnergies confirmed on August 27, 2026, that it had completed the transfer of its entire direct stake in Arctic LNG 2. The stake represented 10% of the project's capital.
In this way, the shares pass into the hands of NordLine , a company linked to Novatek, the operation ends the presence of TotalEnergies as a direct shareholder of Arctic LNG 2.
The move had already been anticipated during the presentation of the results for the second quarter of 2026. Therefore, the August announcement confirms the execution of a transaction that the French energy company had previously communicated.
TotalEnergies holds rights to US$1.3 billion
On the other hand, leaving the shareholding does not mean closing all economic ties related to the LNG project.
TotalEnergies retains the right to be reimbursed by Arctic LNG 2 for the loans it provided as a shareholder. The company estimates that amount at approximately US$1.3 billion .
Thus, the transfer separates two distinct components of TotalEnergies' relationship with the project. On the one hand, the energy company no longer owns 10% of Arctic LNG 2. On the other, it retains an economic right related to the money previously loaned.
This difference is relevant to understanding the scope of the operation; the shareholding has already been transferred, while the recovery of the loans could occur later.
The penalties affect the possibility of a refund.
In turn, the collection of the US$1.3 billion is not guaranteed for a specific date; TotalEnergies indicates that the reimbursement could be executed in the future as long as applicable sanctions allow it.
This condition leaves some financial exposure after the transfer of the shares . The company has a right of reimbursement, although its exercise will depend on the restrictions in place when the payment can be made.
Sanctions have had a significant impact on Arctic LNG 2, the Russian liquefied natural gas project , which was subjected to US restrictions in 2023, a scenario that complicated its development and its relations with foreign companies.
Arctic LNG 2's release began before August
Previously, TotalEnergies had taken various measures related to its position in Arctic LNG 2. In 2022, the company recorded a US$4.1 billion impairment linked to the project.
Later, the energy company declared force majeure in relation to Arctic LNG 2, the scenario continued to evolve with the sanctions and talks aimed at resolving the future of its participation.
In July 2026, TotalEnergies' president and CEO, Patrick Pouyanné , confirmed that the company was preparing to withdraw from the project. By then, Russian authorities had authorized the transfer.
Finally, the operation announced on August 27th completed that process, NordLine received 10% and TotalEnergies ceased to be listed as a direct shareholder.
Arctic LNG 2 is a liquefied natural gas project in Russia
As for the asset, Arctic LNG 2 was conceived as a large-scale LNG project, its design includes three liquefaction units with a capacity of 6.6 million tons per year each.
Overall, the planned capacity reaches 19.8 million tons of liquefied natural gas per year.
Novatek maintains a central position within the project. Now, the transfer to NordLine reinforces the Russian group's connection to the shareholding that previously belonged to TotalEnergies.
What does the transfer mean for TotalEnergies?
Finally, the transaction establishes a clear separation between ownership of the project and outstanding financial obligations.
TotalEnergies no longer holds a direct 10% stake in Arctic LNG 2. Consequently, it ceases to be a shareholder in the LNG project after the transfer to NordLine is completed.
However, the eventual reimbursement of approximately US$1.3 billion remains to be resolved. The possibility of recovering those funds will depend on the applicable sanctions at the time the payment can be made.
Thus, the transfer closes TotalEnergies ' shareholding in Arctic LNG 2 while leaving a financial matter related to the loans provided to the project pending.
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