TotalEnergies to continue shipping Russian LNG

TotalEnergies will continue shipping Russian LNG as long as there are no EU sanctions CEO Storage tanks at TotalEnergies oil refinery in Gonfreville-l' Orcher, according to TotalEnergies.

A previously stated position, the company's chief executive Patrick Pouyanne said on Wednesday that French energy giant TotalEnergies will continue to ship liquefied natural gas LNG from Russia as long as there are no European sanctions on the fuel.

We will continue to ship LNG from Russia as long as there is no sanctions or push from Europe on the gas, because we contribute to the security of supply for Europe. We will stop if there are sanctions. Pouyanne spoke at the Energy Intelligence Forum in London.

Following Russia's invasion of Ukraine, Europe has become a prime market for seaborne fuel, where massive amounts are being bought to replace Russian pipeline gas that used to make up almost 40% of the continent's imports.

TotalEnergies has a contract with Russia's Yamal LNG for 4 million barrels per day that runs until 2032.

A report by Columbia University's Center for Global Energy Policy said France imported 5 billion cubic meters of Russian LNG in the first eight months of 2022, surpassing Japan to become the largest importer of Russian LNG in February and March.

Pouyanne said that the best way to secure gas supply in Europe is to commit to long term contracts with big volumes, and that his company will continue to commit to long-term contracts.