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

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“Since the beginning of the year, we have gradually withdrawn from all projects that had only a domestic vocation, we are out of it,” he assured.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