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北京时间·🕒 发布 20:28:44时区推断·⟳ 抓取 20:34:28·⚡ 决策 07-23 23:12:39 +2h38m·96.1 天前
道达尔能源将退出俄罗斯 Arctic LNG 2 项目 10% 股权
道达尔能源退出的是已受制裁且此前已计提 41 亿美元减值的俄罗斯 LNG 项目，新增基本面冲击有限。
📄 原文Reuters↗ 原文
French oil major TotalEnergies (TTEF.PA) will exit its stake in the Arctic LNG 2 plant in Russia, CEO Patrick Pouyanne…
不做 道达尔能源（TTEF.FR）
已减值的受制裁俄罗斯 LNG 项目退出进展，未披露补偿或新增损益，无法证明对大型油气公司短线盈利或估值有足够增量，不做。
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研究档案
🔎 新鲜度:最早出现 2026-07-23 · 扩散 medium · price-in 风险 high ↗
关键理由
- 道达尔能源退出的是已受制裁且此前已计提 41 亿美元减值的俄罗斯 LNG 项目，新增基本面冲击有限。
- CEO 称转让符合公司利益，但未说明是否获得补偿或估值，无法形成可量化短线利好。
- 该事件更像存量俄罗斯风险资产处置进展，对道达尔能源这种大型油气公司短周期收入或利润传导不够直接。
主要风险
- 若后续披露无偿转让或出现新增损失，可能带来一次性会计影响，但本条 Reuters 正文未确认该负面事实。
原文全文
展开原文 · 1,484 字
French oil major TotalEnergies (TTEF.PA) will exit its stake in the Arctic LNG 2 plant in Russia, CEO Patrick Pouyanne said on Thursday.
The transfer of Total's 10% stake to Nordline, a subsidiary of the plant's majority owner Novatek, has been approved by Russian authorities and will be completed in the short term, he told analysts on a second-quarter results call.
Following Western sanctions on Russia in the wake of the invasion of Ukraine, Total maintained ownership in key Russian plants exporting LNG — but has considered selling the stakes after European Union sanctions will ban companies from importing that gas in 2027 or selling it in other jurisdictions.
"Soon after Arctic LNG 2 became subject to U.S. sanctions in November 2023, Novatek approached us about a potential transfer," Pouyanne said.
Noting that Total had already taken a $4.1 billion impairment on the project in 2022 and declared force majeure the following year, Pouyanne said he considered the proposal to be in the company's interest.
The CEO did not use the word 'sale'. A press officer for TotalEnergies did not immediately respond to a request on whether Total expected to be compensated for its stake and at what valuation.
In the wake of the war many foreign firms have or seen them
In 2024, Kremlin-controlled energy giant Gazprom a 27.5% stake in Russian LNG project Sakhalin II by decree, previously held by British oil major BP, which took a $1.6 billion impairment.
The transfer of Total's 10% stake to Nordline, a subsidiary of the plant's majority owner Novatek, has been approved by Russian authorities and will be completed in the short term, he told analysts on a second-quarter results call.
Following Western sanctions on Russia in the wake of the invasion of Ukraine, Total maintained ownership in key Russian plants exporting LNG — but has considered selling the stakes after European Union sanctions will ban companies from importing that gas in 2027 or selling it in other jurisdictions.
"Soon after Arctic LNG 2 became subject to U.S. sanctions in November 2023, Novatek approached us about a potential transfer," Pouyanne said.
Noting that Total had already taken a $4.1 billion impairment on the project in 2022 and declared force majeure the following year, Pouyanne said he considered the proposal to be in the company's interest.
The CEO did not use the word 'sale'. A press officer for TotalEnergies did not immediately respond to a request on whether Total expected to be compensated for its stake and at what valuation.
In the wake of the war many foreign firms have or seen them
In 2024, Kremlin-controlled energy giant Gazprom a 27.5% stake in Russian LNG project Sakhalin II by decree, previously held by British oil major BP, which took a $1.6 billion impairment.
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