Technip Energies, a global energy company, has reiterated its commitment to withdraw from Russia in the first half of 2023. This decision follows accusations that the company had continued its operations in Russia, notably in the Arctic LNG2 mega-project, despite European sanctions imposed after the invasion of Ukraine.
Responding to Accusations and Complying with Sanctions
In response to these allegations, Technip Energies issued a statement calling the accusations “misleading”. The company stressed its compliance with the applicable sanctions and affirmed that it had ceased all activities in Russia, including its participation in the Arctic LNG2 project. The company’s shares have been closely monitored, with reports citing customs data, satellite images, internal documents and testimonials.
Solid Q3 performance in the LNG Sector
While addressing the situation, Technip Energies also reported on its third-quarter financial performance. The company noted “solid project execution in the LNG sector”, highlighting its achievements in Qatar NFE and ethylene-related projects. These successes more than offset lower revenues from Russian LNG projects following the completion of the Yamal LNG guarantee phase and the exit from the Arctic LNG2 project.
Future Prospects and Opportunities in the LNG Market
In the LNG sector, Technip Energies is actively pursuing numerous opportunities in North America, Africa and the Middle East. The company expressed confidence in securing selective orders over the next 12 to 24 months, particularly in the low-carbon LNG sector.
Technip Energies remains focused on its global LNG initiatives and emphasizes its commitment to respecting sanctions and withdrawing from Russia by the first half of 2023. The company’s solid performance in the LNG sector, despite the challenges in Russia, underlines its resilience and determination to explore opportunities in other regions.
