Oil major Total sticks with Russia despite exit of rivals

Oil major Total sticks with Russia despite exit of rivals

TotalEnergies has no plans to go back on its decision to remain in Russia unless the EU brings in more sanctions, despite international pressure and the withdrawal of rival oil groups following the invasion of Ukraine.

The French company’s stance has made it increasingly isolated after both BP andShell said they would end shareholdings or joint projects with state-owned Russian oil companies Rosneft and Gazprom, though it is not clear how they would shed the stakes or find buyers.

Other companies have also rushed to exit Russia as the war has intensified including carmaker Volkswagen suspending local production, Apple stopping sales, and luxury goods makers Hermès and Chanel shutting stores.

Total said last week it would not make new investments in Russia, but stopped short of withdrawing from its Russian liquefied natural gas projects.

These include stakes in the $21bn Arctic LNG 2 development, set to export its first cargo in 2023, and in the Yamal plant in the frozen north-west of Siberia, which supplies Asia and Europe.

But along with several other French companies with larger than average operations in Russia — some employ far more local staff than their international rivals — Total has not received pressure from the French government to retreat,