The possibility of Total leaving the Russian LNG project

According to Tasnim news agency, citing Tass news agency, Patrick Pouyan, the CEO of the French energy giant Total announced in a video conference that if the European Union imposes sanctions on the supply of liquefied natural gas (LNG) to Russia, the company will be subject to force majeure. Yamal will use it in the LNG project contract.

This chief executive officer said: Yes, if Europe or the European Union sanctions Yamal (the project), we will apply force majeure in some contracts.

Pouyan added that the company has two contracts for the supply of LNG gas to Europe from the Yamal project and one contract for Asia, which needs a more detailed review.

Reuters also quoted him as warning that if this project is sanctioned, it will increase the price of LNG gas in the world.

The price of gas in Europe increased sharply after the war in Ukraine and the sharp decrease in imports of this product from Russia in 2022.

According to this report, European politicians were under pressure to control the price of energy and supply it, following the sharp increase in gas prices that forced European consumers and companies to reduce their consumption greatly during the winter.

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