Another Western company has left the Russian Arctic LNG 2 project

French LNG technology company Technip Energies has withdrawn from the Russian Arctic LNG 2 project.

The French Technip Energies has completely left the Arctic LNG 2 liquefied natural gas production project. The project is headed by Novatek, a gas producer registered on the Moscow Stock Exchange.

It will be recalled that Technip Energies signed an agreement on the future exit from the Arctic LNG 2 project as early as October 2022.

Note that the company’s revenues from the Russian project in the first half of 2023 have already fallen by 27%, compared to the same period last year, and amounted to $2 billion.

After ending cooperation with the terrorist country, Technip Energies moved to the Qatari market. Now the company expects to reach a revenue of $6.2-6.8 billion by the end of the year.

Reference: Technip Energies N.V. is a French technology company in the energy and chemical industries. The company was founded in 2021 as a subsidiary of the multinational energy company TechnipFMC. Technip Energies’ activities are focused on the development and construction of large-scale natural gas liquefaction and transportation projects.