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TotalEnergies not in jeopardy by quitting Russian oil contracts-CEO

Randy Mancini 4 Mar 23
A sign with the logo of French oil and gas company TotalEnergies is pictured at a petrol station in Reze
FILE PHOTO: A sign with the logo of French oil and gas company TotalEnergies is pictured at a petrol station in Reze, near Nantes, France, January 21, 2022. REUTERS/Stephane Mahe

March 23, 2022

PARIS (Reuters) -TotalEnergies’ decision to quit Russian oil supply contracts does not put the overall future of the French energy company at risk, the company’s chairman and chief executive Patrick Pouyanne told RTL radio on Wednesday.

Pouyanne, who also said the French company had approximately 13 billion euros ($14.3 billion) worth of assets in Russia, added that TotalEnergies would not put new capital into the Arctic 2 project.

On Tuesday, TotalEnergies said it would not renew its Russian gasoil and crude oil supply contracts for its German refinery, but would source gasoil from Saudi Arabia and crude via Poland instead.

The French company, which has stakes in several Russian projects, has come under criticism after it stopped short of joining rivals Shell and BP in planning to divest oil and gas assets in Russia.

($1 = 0.9081 euros)

(Reporting by Myriam Rivet and Nicolas Delame;Editing by Sudip Kar-Gupta and Benoit Van Overstraeten)