TotalEnergies to keep shipping Russian LNG; price cap on Russian oil a ‘bad idea’

Posted on October 5, 2022Comments Off on TotalEnergies to keep shipping Russian LNG; price cap on Russian oil a ‘bad idea’

Exterior view of the headquarters of the oil company TotalEnergies, formerly known as Total

HJBC/iStock Editorial via Getty Images

TotalEnergies (NYSE:TTE) will continue to ship liquefied natural gas from Russia as long as Europe does not impose sanctions on LNG, CEO Patrick Pouyanne said Wednesday, while also stressed that the company is not investing in new projects in Russia.

“We will continue to ship LNG from Russia as long as there are no sanctions or push from Europe on the gas, because we contribute to the security of supply for Europe,” Pouyanne told the Energy Intelligence Forum in London.

TotalEnergies (TTE) will remain committed to long-term contracts, the CEO said; the company has a contract with Russia’s Yamal LNG for 4M metric tons/year until 2032.

Pouyanne also said a Group of Seven plan to cap the price of Russian oil is “a bad idea… a way to give leadership back to Vladimir Putin,” and because the market already is doing the work, with Russian barrels already available at a “deep discount.”

European Union leaders agreed Wednesday to impose new sanctions on Russia, including a price cap on the maritime trade of Russian oil.

Source link

Comments Off on TotalEnergies to keep shipping Russian LNG; price cap on Russian oil a ‘bad idea’