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TotalEnergies expects gas price hike if Russian LNG falls under sanctions

Patrick Pouyanne expressed confidence that the European leaders understood that security of gas supplies depended on LNG and would not like to see a price crisis in Europe again until 2027

MOSCOW, April 26. /TASS/. The liquefied natural gas (LNG) price will grow very quickly if the European Union sanctions supplies of Russian LNG from the Yamal LNG project, CEO of TotalEnergies Patrick Pouyanne said at a teleconference.

"If EU sanctions Yamal LNG, the price of LNG will go up quickly and globally our portfolio will benefit from it. So, it is a positive if EU sanctions, not a negative, because cash [flow] from Yamal is quite limited. First, we didn’t receive dividends from Yamal LNG in 2023," the chief executive said.

Pouyanne at the same time noted that he is confident the European leaders understand that security of gas supplies depends on LNG and would not like to see a price crisis in Europe again until 2027.