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Putin authorizes Novatek to buy Total’s stake in Terneftegaz

On August 26, 2022, TotalEnergies and Novatek signed the final sale and purchase agreement of TotalEnergies’ 49% interest in Terneftegaz

MOSCOW, September 5. /TASS/. Russian President Vladimir Putin has authorized Novatek to acquire a stake in Terneftegaz from France’s TotalEnergies. A corresponding decree was signed by the president on September 5.

"To authorize Novatek Moscow Region to acquire 1.714180106 bln ordinary shares of Terneftegaz owned by TotalEnergies EP Termokarstovoye," the document said. The decree concerns legal relations starting August 16.

Earlier, the company said Novatek would buy TotalEnergies’ 49% share in Terneftegaz, after which Novatek would consolidate 100% of the enterprise.

TotalEnergies agreed to sell its interest in Terneftegaz to Novatek on July 18. A request to authorize the transaction was submitted to the Russian authorities on August 8, 2022. On August 25, 2022, the Russian authorities issued their agreement to the proposed sale. As a result, on August 26, 2022, TotalEnergies and Novatek signed the final sale and purchase agreement of TotalEnergies’ 49% interest in Terneftegaz.