By Cristina Roca

 

TotalEnergies SE said Friday that it is selling its 49% interest in Terneftegaz, which operates the Termokarstovoye gas and condensates field in Russia, to natural-gas producer Novatek.

The terms of the deal enable the French energy company to recover outstanding sums invested in the field, it said. It didn't disclose the transaction value.

TotalEnergies agreed to the sale last month, and the Russian authorities signed off on the deal Thursday, it said. Closing is expected in September.

Russia's Novatek is now the sole owner of the business, it said separately on Friday.

TotalEnergies has denied speculation that it was involved in producing kerosene for the Russian army via its partnership with Novatek.

According to FactSet, TotalEnergies holds a 16.5% stake in Novatek.

 

Write to Cristina Roca at cristina.roca@wsj.com

 

(END) Dow Jones Newswires

August 26, 2022 09:53 ET (13:53 GMT)

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