TotalEnergies stays in Russia’s Yamal LNG – source

French oil giant TotalEnergies (TTEF.PA) is not leaving the Yamal LNG project for now, a source familiar with the matter said on Friday, after the company decided to take a $3.7 billion write-off on its stake in Russia’s Novatek (NVTK.MM).

Yamal LNG produces liquefied natural gas in Russia’s Arctic.

When asked if the company was remaining in the Yamal LNG venture, a spokesperson for TotalEnergies replied: “Of course, since TotalEnergies, at the request of EU authorities, has to keep ensuring that it continues to supply gas to Europe via Yamal LNG.”

TotalEnergies owns 20% in the project, while Novatek has a 50.1% stake. China’s CNPC controlls 20%, while Silk Road Fund has 9.9%.