TotalEnergies Receives Kremlin Approval to Exit Arctic LNG 2 Project
TotalEnergies has received approval from the Kremlin to sell its 10% stake in the Arctic LNG 2 project to a subsidiary of Novatek. This decision increases Novatek's share in the project to 70%, with the remaining 30% held by Japanese and Chinese companies. The Arctic LNG 2 project, led by Novatek, has faced challenges due to Western sanctions and logistical issues, including the need for specialized icebreaking LNG carriers. TotalEnergies' exit comes after seven years of involvement, during which the project has struggled to reach full production capacity. 
