TotalEnergies stays in Russia for Europe’s “well-being”, says CEO

The head of TotalEnergies, Patrick Pouyanné, has defended the continuation of the liquefied natural gas (LNG) contract in Russia before the Parliament.

Share:

The head of TotalEnergies, Patrick Pouyanné, defended Wednesday before the deputies the maintenance of the contract of liquefied natural gas (LNG) concluded by his group with Russia, saying that it served
above all to the “well-being” of Europeans.

To counter the drying up of Russian gas transported by pipeline, Europe, which was highly dependent on it, had to diversify its supplies by resorting to liquefied natural gas (LNG), from the United States but also from Russia in particular.

This contract is “solely justified by the responsibility of bringing LNG to Europe”, the CEO of TotalEnergies stressed to the deputies of the Foreign Affairs Committee.

“If we continue to stay in Russia, it is because we have a liquefied natural gas contract, and it is for the welfare of the European people, to ensure the security of supply of Europe,” he said.

For more than two hours, Mr. Pouyanné was grilled by members of the National Assembly about his sometimes controversial projects and interests abroad, such as in Russia but also in Uganda and Tanzania.

However, the CEO minimized the weight of Russia, “not important” for the company, which could also leave “tomorrow morning” according to him.

“Since the beginning of the year, we have gradually withdrawn from all projects that had only a domestic vocation, we are out of it,” he assured.

According to him, there remains “only a stake in the Yamal LNG plant, and this famous LNG contract” which is “European”.

“Russia, this year, is 2% of our cash flow, if you think that the CEO of TotalEnergies does not want to stop this situation for 2% … but today to stop this contract unilaterally, I do not know how to do it because I have a commitment to remove this LNG,” said Pouyanné.

“If we stop it, the situation in Europe, which this year imported 70% of Russian LNG, will not improve at all,” he continued.

“There are two ways out: either Russia expropriates us, or Europe decides to sanction Russian gas,” he added.

Mr. Pouyanné also considered that “the vision of the Western camp on the conflict (in Ukraine) was not at all shared by the vast majority of the rest of the world that looks at us as if we were co-responsible, because we would not have done what was necessary.

Solar power generation increased sharply in the United States in June, significantly reducing natural gas consumption in the power sector, despite relatively stable overall electricity demand.
Golden Pass LNG, jointly owned by Exxon Mobil and QatarEnergy, has asked US authorities for permission to re-export liquefied natural gas starting October 1, anticipating the imminent launch of its operations in Texas.
Delfin Midstream reserves gas turbine manufacturing capacity with Siemens Energy and initiates an early works programme with Samsung Heavy Industries, ahead of its anticipated final investment decision in the autumn.
Norwegian group DNO ASA signs gas offtake contract with ENGIE and secures USD 500 million financing from a major US bank to guarantee future revenues from its Norwegian gas production.
Golar LNG Limited has completed a private placement of $575mn in convertible bonds due in 2030, using part of the proceeds to repurchase and cancel 2.5 million of its own common shares, thus reducing its share capital.
Shell Canada Energy announces shipment of the first liquefied natural gas cargo from its LNG Canada complex, located in Kitimat, British Columbia, primarily targeting fast-growing Asian economic and energy markets.
The Australian government is considering the establishment of an east coast gas reservation as part of a sweeping review of market rules to ensure supply, with risks of shortages signalled by 2028.
The increase in oil drilling, deepwater exploration, and chemical advances are expected to raise the global drilling fluids market to $10.7bn by 2032, according to Meticulous Research.
The small-scale liquefied natural gas market is forecast to grow at an annual rate of 7.5%, reaching an estimated total value of $31.78bn by 2030, driven particularly by maritime and heavy-duty road transport sectors.
The European Union extends gas storage regulations by two years, requiring member states to maintain a minimum fill rate of 90% to ensure energy security and economic stability amid market uncertainties.
Energy Transfer strengthens its partnership with Chevron by increasing their liquefied natural gas supply agreement by 50% from the upcoming Lake Charles LNG export terminal, strategically aiming for long-term supply security.
Woodside finalises the divestment of a 40% stake in the Louisiana LNG project to Stonepeak, injecting $5.7 billion to accelerate developments and optimise financial returns ahead of first gas delivery scheduled in 2026.
Keranic Industrial Gas seals a sixty-day exclusivity deal to buy Royal Helium’s key assets, raise CAD9.5mn ($7.0mn) and bring Alberta’s Steveville plant back online in under fifteen weeks.
The Irish-Portuguese company Fusion Fuel strengthens its footprint in the United Arab Emirates as subsidiary Al Shola Gas adds AED4.4 mn ($1.2 mn) in new engineering contracts, consolidating an already robust 2025 order book.
Cheniere Energy validates major investment to expand Corpus Christi terminal, adding two liquefaction units to increase its liquefied natural gas export capacity by 2029, responding to recent international agreements.
A study by the International Energy Agency reveals that global emissions from liquefied natural gas could be significantly reduced using current technologies.
Europe is injecting natural gas into underground storage facilities at a three-year high, even as reserves remain below historical averages, prompting maximized imports of liquefied natural gas (LNG).
South Korea abandons plans to lower electricity rates this summer, fearing disruptions in liquefied natural gas supply due to escalating geopolitical tensions in the Middle East, despite recent declines in fuel import costs.
Russia positions itself to supply liquefied natural gas to Mexico and considers expanded technological sharing in the energy sector, according to Russian Energy Minister Sergey Tsivilyov.
Israel has partially resumed its natural gas exports to Egypt and Jordan following a week-long halt due to the closure of two major offshore gas fields, Leviathan and Karish.