French energy company, TotalEnergies, says it has reached an agreement with its Russian partner, Novatek, to sell its 49% stake.
The deal was announced on Friday as the two companies will exchange ownership of the shares in the Termokarstovoye gas field on economic terms enabling TotalEnergies to recover the outstanding amounts invested in the field.
TotalEnergies said it was divesting its stake in a Russian gas field that was reported this week to be providing the fuel that ends up in Russian fighter jets.
It also said the divestment had been agreed upon in July and submitted to Russian authorities in early August, with approval coming on August 25.
EWN reports that that was the day after an article appeared in French daily Le Monde reporting the alleged refining of natural gas condensates from Termokarstovoye into jet fuel for fighter-bombers involved in Russia’s assault on Ukraine since February.
TotalEnergies — formerly Total — owns 49% of Terneftegaz and the global company that extracts gas from the Termokarstovoye field.
“We are grateful to (French President) Emmanuel Macron and the French people for supporting Ukraine. Against this background, it is a disgrace to France when French companies assist the murder of Ukrainians and the ruining of our cities,” Ukrainian Foreign Minister Dmytro Kuleba tweeted Friday.
It is also mentioned that the other 51% is held by Novatek, in which the French firm also holds a 19.4% stake.
Le Monde reported Wednesday that condensates from Termokarstovoye were being sent to a refinery that had provided 42,700 tonnes of fuel from February-July sent to airbases hosting Russian planes.
TotalEnergies also said it was considering legal action in a bid to end an unfounded controversy that is damaging the reputation of the company.
The French group is the only major Western energy group to continue its operations in Russia.
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