TotalEnergies: Quitting Russian Oil Does Not Put Company’s Future at Risk

TotalEnergies’ decision to quit Russian oil supply contracts does not put the overall future of the French energy company at risk, the company’s chairman and chief executive Patrick Pouyanne told RTL radio on Wednesday.

Pouyanne added that TotalEnergies would not put new capital into the Arctic 2 project.

On Tuesday, TotalEnergies said it would not renew its Russian gasoil and crude oil supply contracts for its German refinery, but would source gasoil from Saudi Arabia and crude via Poland instead.

The French company, which has stakes in several Russian projects, has come under criticism after it stopped short of joining rivals Shell and BP in planning to divest oil and gas assets in Russia.