TotalEnergies stays in Russia’s Yamal LNG – source

(Reuters) – French oil giant TotalEnergies 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. 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%.

(Reporting by Reuters bureaux and Silvia Aloisi in Paris; Editing by Kevin Liffey)