French vitality large TotalEnergies to cease shopping for Russian oil by year-end

Europe is talking about joining the Russian oil embargo

“Given the worsening state of affairs in Ukraine and the existence of other sources of provide for Europe, TotalEnergies has unilaterally determined to not enter into or renew any contracts for the acquisition of Russian oil and oil merchandise, to be able to cease all purchases of Russian oil or oil merchandise as quickly as potential and by the tip of 2022 on the newest,” the assertion mentioned.

The corporate nevertheless cautioned that it’ll proceed to buy pure fuel from Russia.

“In contrast to oil provide, it seems that Europe’s fuel logistics capacities make it troublesome to do with out Russian fuel within the subsequent two to a few years with out affecting the continent’s vitality provide,” Complete mentioned within the assertion.

The corporate mentioned it can mobilize oil merchandise from different locations, particularly diesel produced by the Satorp refinery in Saudi Arabia.

TotalEnergies’ contracts for Russian oil accounted for 12% of Russia’s diesel exports to the European Union in 2021, in keeping with the assertion.

The corporate reiterated that it would not function any oil or fuel fields or liquified pure fuel vegetation in Russia and is shifting towards a gradual suspension of its actions in Russia, in keeping with the assertion. Among the many 11 workers despatched to numerous Russian oil and fuel corporations the place TotalEnergies is a minority shareholder, three stay with the nation.

It additionally introduced that it’ll cease funding the Arctic LNG 2 venture, positioned in Russia’s Siberian coast and can put its business developments in batteries and lubricants in Russia on maintain.

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