Total Energies has many different business ventures. They operate production wells, LNG infrastructure, and refineries but they also invest in other companies' operations and buy other raw materials to refine and send to market. They are an energy company in every way, so operating facilities is only one of many parts of their business.
Total Energies has said it would stop providing capital for new projects in Russia, including a large planned liquefied natural gas installation called Arctic LNG 2.
· “Total Energies has a 19.4% shareholding in Novatek and a 10% stake in Arctic LNG (10%), along with stakes in Yamal LNG (20%) and TerNefteGaz (49%).
It is also a 20% partner in the Kharyaga joint venture operated by Russian state producer Zarubezhneft.” These investments continue.
· TotalEnergies said that European gas logistics capacities make it difficult to refrain from importing Russian gas in the next two to three years without impacting the continent's energy supply.”
“TotalEnergies “is far more entrenched” in Russia than rivals like BP and Shell, which have made commitments to completely extricate themselves, said Biraj Borkhataria, an analyst at RBC Capital Markets, an investment bank.
TotalEnergies appears to have been one of the larger buyers of shiploads of Russian crude in 2021, averaging 186,000 barrels a day, according to data from Kpler, a research firm.
TotalEnergies has contracts to import Russian oil that comes by pipeline to its Leuna refinery in eastern Germany. The company said that it would terminate these deals by the end of 2022.”
So, they are continuing to buy Russian crude at this time.
The Ukrainian Cultural Club of Dallas organized a protest at Total affiliate TEP Barnett's offices in Ft. Worth on May 12 to highlight the role of Total's engagement in financing the Russian war machine. They demanded that Total divest from its substantial gas holdings in Russia. Liveable Arlington, Sunrise Tarrant, and the Ft. Worth Sierra Club showed up to support. You can read more about the protest here.
Total is a major driller in Arlington and Tarrant county and is greatly expanding operations here, often creating terrible situations for neighbors as at their Home Run site recently. Loss of well control led to a neighborhood being showered with "produced water". You can read more about it here.
Photo Credit; Haley Samsel, Fort Worth Report