TotalEnergies has completed the transfer of its 10% interest in Arctic LNG 2 to NordLine, a subsidiary of Novatek, and is no longer a shareholder in the project. The company confirmed the completion of the transaction following its announcement alongside the presentation of its second-quarter 2026 results.
Under the terms of the transfer agreement, TotalEnergies retains its rights to be reimbursed by Arctic LNG 2 for its share of shareholder loans provided to the project. The amount involved is approximately US$1.3 billion. Any reimbursement would be subject to applicable sanctions and could therefore be implemented only if permitted under the relevant requirements.
The completion of the transfer marks the end of TotalEnergies’ shareholding in Arctic LNG 2. TotalEnergies had previously disclosed the planned transfer as part of its second-quarter 2026 results communication. With the transaction now completed, NordLine holds the interest transferred by TotalEnergies.
The company’s remaining financial rights related to shareholder loans are separate from its former equity interest in the project. TotalEnergies will retain those rights under the terms agreed for the transfer. The Arctic LNG 2 project is located in Russia’s Arctic region and is associated with the development of liquefied natural gas resources. TotalEnergies’ exit removes its direct equity participation in the project.
TotalEnergies is a global multi-energy company operating across oil, biofuels, natural gas, electricity and renewable energy. The company develops and supplies energy products and services to customers in markets around the world. The company continues to operate an international portfolio across exploration and production, liquefied natural gas, refining and chemicals, marketing, power generation and renewable energy.
The transfer of the Arctic LNG 2 interest forms part of the company’s portfolio management and follows the conditions outlined when the transaction was announced. TotalEnergies said any future reimbursement of its shareholder loans will remain dependent on applicable sanctions. The company will therefore retain the contractual right to repayment while recognising that the timing and implementation of any such reimbursement depend on the prevailing regulatory environment. With the completion of the transfer, TotalEnergies is no longer a shareholder in Arctic LNG 2, while its rights relating to the approximately US$1.3 billion in shareholder loans remain in place subject to applicable sanctions.
