Stake Sale
TotalEnergies has completed the transfer of its 10% stake in the project to NordLine, a Novatek subsidiary.
TotalEnergies is no longer a shareholder in the project.
This follows the company’s announcement of its second-quarter 2026 results, in which it stated that the transaction with NordLine was being finalised.
As part of the transfer agreement, TotalEnergies retains the right to be reimbursed by Arctic LNG 2 for its share of loans provided by shareholders to the project, totalling around $1.3 billion. Any repayment will be subject to applicable sanctions.
Arctic LNG 2 is majority-owned by Novatek and has been subject to Western sanctions since Russia’s invasion of Ukraine. The project is designed to produce 19.8 million metric tons of LNG per year.
