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IF Insights: Oil giants see Iran war windfall, bill lands somewhere else

International Finance Business Desk — Thu, 06 Aug 2026 00:00:46 +0000

Five Western oil majors booked close to USD 47 billion in net profit in the three months to June. ExxonMobil made USD 14.5 billion, more than double a year earlier and its best quarter since 2022, which works out at roughly USD 160 million a day.

Chevron made USD 12.1 billion, the highest quarterly figure in its history and almost four times the USD 2.5 billion it managed in the same quarter of 2025. Shell reported USD 10.8 billion attributable to shareholders, up 196%. TotalEnergies posted USD 6 billion in adjusted net income. BP, reporting last, doubled its net profit to USD 3.91 billion.

None of these companies discovered a new field, cracked a new technology or cut a transformative deal. What happened, on February 28, was that the United States and Israel attacked Iran, Tehran began attacking shipping in the Strait of Hormuz, and about a fifth of the world’s seaborne oil stopped moving.

Where the money actually came from

The first mechanism is the simplest one in the industry. Once a barrel is in production, most of the cost of producing it is already sunk. Lifting costs, depreciation and overheads barely move when the price does, so almost every extra dollar on the benchmark falls through to the bottom line.

The scale of that extra dollar was extraordinary. Brent averaged USD 69.82 a barrel in January. By late April it had peaked at USD 126.41, the highest print in the past year.

Chevron’s realised Brent price for the second quarter came in at USD 104, up 53% on the USD 68 of a year earlier. Its upstream division earned USD 8.2 billion, roughly triple the year-ago result, on production that was not dramatically different.

The second mechanism is less obvious and, this time, more important than usual. Refining margins exploded. The conflict damaged Gulf refining and export infrastructure and stranded product cargoes, while demand outside the region held up.

Refiners with plants beyond the blast radius ran flat out into a shortage they had not created. Chevron’s downstream earnings went from USD 737 million to USD 4.9 billion, a jump of more than 500%, and it achieved that while processing less crude and selling fewer products than a year ago. Exxon’s downstream contribution reached USD 5.5 billion on record diesel output.

ALSO READ | Iran war: Higher fuel costs weigh on UK carriers’ earnings outlook

Shell ran its refining network at 102% utilisation, above nameplate capacity, and posted its strongest products result of the decade. Tom Seng, who teaches energy finance at Texas Christian University, has made the point that integrated companies owning both wells and refineries were the best placed of anyone to capture this market.

The third mechanism is integration itself. TotalEnergies chief executive Patrick Pouyanne told markets: In this tense and volatile environment, the strategy of TotalEnergies is once again demonstrating its relevance, taking advantage of our integrated model and the diversification of our portfolio.

A company that produces crude, refines it, trades it and sells the fuel captures margin at four points instead of one.

ALSO READ | Iran war: With just weeks of jet fuel stocks left, how vulnerable is Europe?

American producers also gained a straightforward logistical windfall, with United States crude and product net exports hitting a record 5.8 million barrels a day in April as buyers cut off from the Gulf went shopping in Texas.

Chevron chief executive Mike Wirth said the company was “kind of firing on all cylinders”. US shale is following the same pattern, with ConocoPhillips, Occidental, EOG Resources, Diamondback and Devon all heading for their strongest results since 2022.

Whether any of it lasts

The short answer is no, and the more useful evidence for that is not in the forecasts but in what the companies are doing with the cash.

In 2022, after Russia invaded Ukraine, a windfall of this shape would have triggered a drilling boom. This time it has triggered almost none.

Exxon spent USD 13.0 billion in cash capital expenditure across the first half, almost exactly the USD 12.5 billion of a year earlier, while returning USD 9.4 billion to shareholders in the quarter alone. Chevron returned USD 6.5 billion.

TotalEnergies prioritised paying down debt, cutting gearing to 13%, and lifted its dividend by 5.9%. Among the shale producers, only Diamondback has explicitly tied higher prices to higher activity. Boards that lived through the busts of 2015 and 2020 are treating this as a cash event rather than a growth signal, which is a fairly clear statement about how long they expect it to last.

The price has already given them reason. Brent fell below USD 75 in late June after Washington and Tehran signed a memorandum of understanding aimed at reopening the strait, and has traded in the low 80s in early August as talks on reopening the strait continued. That is a swing of more than 40 dollars from the April peak inside four months.

Vandana Hari of Vanda Insights described the June collapse bluntly, noting that “crude’s slide is entirely sentiment-driven” and that the market was pricing the best case for reopening.

Forecasts cluster well below current levels for next year. The World Bank expects Brent to average USD 86 in 2026 and USD 70 in 2027. JP Morgan sees USD 75 next year, Morgan Stanley USD 80.

Refining is the most fragile leg. Those margins exist because the world lost processing capacity faster than it lost demand, and capacity comes back. Several import-dependent countries are already reassessing whether to build their own refineries, which points to oversupply on a three to five year view.

There is one counterargument. Inventories in OECD countries are the lowest since 2003, and restocking after a draw that size takes several quarters even once flows normalise.

The shock has also forced markets to price the concentration of supply in the Persian Gulf as a standing risk rather than a tail risk, and that premium sits in long-dated forwards. Prices are likely to fall. A return to the pre-war world is a different proposition.

Who is paying

This is a transfer, not a creation of value. A supply shock raises the cost of producing nearly everything at once, because oil is embedded in transport, packaging, fertiliser, plastics and power generation, and it hands households nothing in return.

American drivers paid USD 2.98 a gallon on February 27. By early August they were paying about USD 4.09, a rise of nearly 40%. The International Monetary Fund (IMF) now expects global headline inflation of 4.7% in 2026, up from 4.1% in 2025 and driven mainly by energy and food.

Its April forecast cut global growth to 3.1%, though the July update revised that up by 0.3 points as supply fears eased. UNCTAD has documented the burden falling hardest on the 65 net oil-importing vulnerable economies, where households spend a far larger share of income on fuel and food.

The picture is not uniformly bleak. Research from the Atlanta and Dallas Federal Reserve banks suggests the inflationary hit in advanced economies is more moderate than the 1970s comparison implies. Energy has fallen from 13.3% of American GDP to 5.7% over four decades, and household spending on energy from 9.8% to 3.8%.

That is precisely why the distribution matters more than the average. A shock that barely registers in national accounts can still be brutal for a delivery firm, a rural commuter or a low-income family, because the pain is concentrated rather than shared.

For businesses, the harder problem is planning. Firms surveyed by the Atlanta Fed described conditions as manageable now but risky ahead, and the risk is that fuel costs get written into wages, contracts and pricing, at which point the shock stops being temporary.

The politics catches up

On August 3, United States President Donald Trump broke with his usual position on the industry and said of Exxon and Chevron that “they’re making too much money based on a shortage”, adding that they should give some of it back and cut pump prices.

The American Petroleum Institute responded that prices reflect global supply, demand and uncertainty around shipping lanes rather than the conduct of any single company, which is largely correct and also beside the point being made.

Portugal has already approved a 33% windfall tax on 2026 profits above a 2024 to 2025 baseline. Democrats in the United States Congress have introduced bills to levy a per-barrel tax on large producers and redistribute the proceeds.

Patrick Galey, head of news investigations at Global Witness, said in May that it was galling to watch oil giants raking in “obscene amounts of money” while people feared rising bills.

ALSO READ | The Hormuz blockade is not just about the oil

The industry’s counterargument is a real one. Exxon’s Darren Woods told investors that “we canceled investments that we had planned for Europe” after the last round of windfall taxes.

Shon Hiatt of the University of Southern California argues that “the incentives to take risk and invest in production are drastically reduced” by such levies, which can eventually mean less supply and more scarcity. Critics respond that Britain’s post-2022 production decline had several causes, including ageing fields.

Third-quarter results will almost certainly be strong again, and in the United States they land shortly before the midterms. The question that outlives the price spike is what happens to the money. On the evidence of the first half, the answer is that it goes to shareholders.

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TotalEnergies posts strongest quarter in nearly three years, plans Arctic LNG 2 exit

International Finance Business Desk — Sun, 26 Jul 2026 02:00:29 +0000

French oil major TotalEnergies posted a 67% second-quarter earnings rise, its best quarter in nearly three years, as higher oil prices (due to the Iran war) and strong profit margins for refining fuels resulting ‌from supply disruptions provided strong tailwainds for the business.

TotalEnergies also sees its production growing significantly in the third quarter, although exports will still be dependent on freedom of passage through the Strait of Hormuz.

“Hormuz is a battleground, and the risks of crossing are extremely high … We are beginning to consider this could become the new normal, with the strait opening on and off,” CEO Patrick Pouyanne told analysts on a results call.

TotalEnergies’ adjusted net income was USD 6 billion, in line with expectations, according to a consensus of analysts polled by LSEG.

However, weaker LNG earnings proved to be a big drag on the earnings. ⁠Still, the latest figures stood way above USD 3.6 billion, seen in the second quarter of 2025, and USD 5.4 billion, registered in the first quarter of 2026.

The company has also maintained its USD 1.5 billion share buyback scheme for the third quarter, with its stock rising 37% so far this year.

The Iran-Iraq war has disrupted traffic through the Strait of Hormuz, still cutting supplies, which is in turn causing massive price volatilities in the crude and gas segments. While the phenomenon has left a damaging imprint on the global economy, oil majors such as Norway’s Equinor have registered massive profit windfalls in this environment.

TotalEnergies’ exploration and production earnings reached USD 3.2 billion, a 64% rise from the same period a year ago and 25% higher than the first quarter of 2026, with Middle East operations slowly stabilising.

As per Pouyanne, both upstream and downstream segments benefitted from the war, which is unusual, as a higher upstream oil price means smaller margins on refining fuels. TotalEnergies’ refineries, mostly in Europe, have maximised diesel and jet ‌fuel production, ⁠which are earning the best premiums given low inventories across the continent.

“Income from refining and chemicals, which includes TotalEnergies’ oil trading division, rose 362% to USD 1.8 billion, helped by stronger fuel margins and robust oil trading — eclipsing last quarter’s standout USD 1.5 billion contribution,” Pouyanne noted, while stating that the French energy giant’s SATORP refinery in Saudi Arabia should return to full capacity by the end of the Q3 2026 after sustaining damage from Iran war-related attacks.

Talking about the LNG division, it earned USD 807 million, a 22% drop, due to trading ⁠underperformance amid flat demand in Europe. The electricity division was down 7% at USD 533 million, but cash flow excluding working capital was up 28% due to TotalEnergies nearly doubling its portfolio of gas-fired power plants in the continent after closing a deal with EPH in April.

TotalEnergies will soon finalise its exit ⁠from its 10% stake in the sanctioned Arctic LNG 2 plant in Russia. The transfer of the venture’s 10% stake to Nordline, a subsidiary of the plant’s majority owner Novatek, has been approved by Russian authorities and will be completed ⁠in the short term.

Following Western sanctions on Russia in the wake of Moscow’s invasion of Ukraine, Total maintained ownership in key Russian plants exporting LNG but had been considering selling the stakes as the European Union (EU) kerbs are targeting companies from importing that gas or selling it in other jurisdictions.

“Soon after Arctic LNG 2 became subject to US sanctions in November 2023, ‌Novatek ⁠approached us about a potential transfer,” Pouyanne said.

In 2022, the year which saw both the beginning of the Ukraine war and the West’s targeted economic response against Russia, Total took a USD 4.1 billion impairment on the project. In 2023, it declared force majeure. Total, however, is still earning about USD 400 million annually from selling cargoes from Russia’s Yamal LNG plant.

In Namibia, Total is expecting a final investment decision (FID) on the 150,000-barrels-per-day Venus development in the coming weeks. In Suriname, production on the Gran Morgu development will begin in 2028. In Cyprus, the Cronos gas field development will receive FID by the end of July 2026.

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Iran war: US backs Iraq-Syria pipeline revival to reduce Hormuz oil risk

International Finance Business Desk — Fri, 17 Jul 2026 04:00:43 +0000

The United States is backing plans to revive the long-defunct Kirkuk-Baniyas oil pipeline linking Iraq to Syria’s Mediterranean coast, as Washington and regional governments seek to diversify crude export routes following months of disruption in the Strait of Hormuz.

The 800km pipeline, largely out of service since the 2003 US-led invasion of Iraq, has emerged as a strategic priority after the Iran conflict exposed the vulnerability of the Gulf’s main energy corridor.

Temporary disruptions in Hormuz sent oil prices soaring and renewed concerns over the security of one of the world’s busiest shipping lanes, through which roughly a fifth of global oil supplies pass.

US Special Envoy Tom Barrack has held discussions with Iraqi and Syrian officials, as well as energy companies including Chevron, on rebuilding the pipeline, which would carry crude from Iraq’s Kirkuk fields to the Syrian port of Baniyas. The project forms part of a broader US strategy to strengthen regional energy security while expanding opportunities for American companies.

The renewed interest coincides with closer ties between Washington, Baghdad, and Syria’s new leadership. During Iraqi Prime Minister Ali Al Zaidi’s visit to the White House, President Donald Trump said new energy agreements involving US companies would be announced in the coming weeks.

For Iraq, OPEC’s second-largest producer, new export routes have become increasingly important. The country remains heavily dependent on southern Gulf terminals and the pipeline to Turkey’s Ceyhan port, while years of conflict and aging infrastructure have limited diversification. Baghdad has also appointed Houston-based engineering firm KBR to advise on a proposed pipeline linking Basra to Haditha, with potential branches to Syria, Turkey, and Jordan.

The revival of the Kirkuk-Baniyas route could also enhance Syria’s role as a regional energy hub. The Baniyas terminal offers direct access to Mediterranean markets, attracting interest from international companies, including Chevron and TotalEnergies, as Western sanctions on Syria continue to ease.

However, significant obstacles remain. Much of the pipeline would require reconstruction after decades of neglect, potentially costing billions of dollars. Proposed routes also pass through areas where Islamic State cells remain active, raising security concerns for investors. Analysts also warn that Iran-backed militias could oppose the project, viewing it as an attempt to weaken Tehran’s regional influence.

Despite those risks, industry experts believe alternative export corridors will become increasingly valuable as geopolitical tensions reshape global energy supply chains and buyers seek more resilient routes to market.

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ExxonMobil announces major investments in Nigeria and Cyprus offshore projects

International Finance Business Desk — Tue, 14 Jul 2026 03:00:29 +0000

American multinational oil and gas corporation ExxonMobil and its partners will invest USD 1 billion in Nigeria’s offshore Usan. The Infill Project is expected to add about 40,000 barrels per day to the African country’s oil production capacity, Nigeria’s upstream petroleum regulator said.

The investment, announced at the 25th NOG Energy Week Conference and Exhibition on 8 July, marks ExxonMobil’s return to drilling operations in Nigeria after nearly a decade, with its last drilling campaign in the country conducted in 2016. Oritsemeyiwa Eyesan, chief executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), described the announcement as a significant development for the country’s upstream oil sector, noting that Esso Exploration and Production Nigeria, an ExxonMobil affiliate, had not drilled in Nigeria since that campaign.

The project falls within Oil Mining Lease 138 and involves on-block operations at the Usan field, which Esso Exploration and Production Nigeria operates under a production sharing contract alongside the Nigerian National Petroleum Company, with Chevron, TotalEnergies, and Nexen, a subsidiary of the China National Offshore Oil Corporation, as co-venture partners.

The Usan field was discovered in 2002 and developed in water depths of 2,400 feet using a floating production, storage, and offloading vessel and 42 subsea wells, comprising 23 production wells and 19 water and gas injection wells connected to a two-million-barrel-capacity FPSO. First oil was produced in February 2012, when the field had a gross production capacity of up to 180,000 barrels per day.

The investment comes as Nigeria, one of Africa’s largest crude producers and an OPEC member, seeks to reverse years of declining output through regulatory reform and renewed investment. The African country has faced persistent challenges, including oil theft, pipeline vandalism, and underinvestment, prompting the government to accelerate project approvals and encourage fresh capital inflows into the sector.

In a separate development, the NUPRC issued petroleum prospecting licenses to successful applicants from the 2022/2023 Mini Bid Round and the 2024 Nigeria Licensing Round. A total of 12 companies received 19 licenses covering deep offshore, shallow water, and continental shelf areas, with Broron Energy, Petroli Energy Marketing and Supply, Sahara Deepwater Resources, and Tulcan Energy among those receiving awards, underscoring the breadth of opportunities on offer in Nigeria’s licensing rounds.

Apart from its big-ticket investment in Nigeria, Exxon, in partnership with QatarEnergy, has entered Cyprus as well through a deal signed with the Mediterranean country’s government. Prospects of two offshore gas fields have been declared marketable, a milestone in efforts by the ‌East Mediterranean island to develop its energy reserves.

The “Declaration of Marketability” signed in Nicosia has advanced a project central to the region’s ambitions to supply more gas to Europe.

ExxonMobil has reported discoveries in two offshore blocks in fields known as Glaucus and ⁠Pegasus. As per the company and the Cypriot officials, the combined discoveries could be between eight and nine trillion cubic feet.

The “Declaration of Marketability,” according to the Cyprus President Nikos Christodoulides, “represents a major step towards establishing the Eastern Mediterranean as a credible alternative energy corridor for Europe.”

“Some additional drilling on the two offshore fields would be required before moving into the front-end engineering and ‌design (FEED),” the administration added further.

“A final investment decision is anticipated around 2029 and production in 2033,” remarked ExxonMobil Vice President and head of global expansion John Ardill.

QatarEnergy signed a preliminary deal with ExxonMobil and Egypt’s government in May 2026 to study ⁠the development and commercialization of gas discoveries in Cyprus using Egypt’s existing gas and LNG infrastructure.

“The reserves from Pegasus and Glaucus would probably be ⁠delivered with a pipeline tie-back to Egypt,” Ardill concluded.

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TotalEnergies to reassess net zero plans, cites slow transition

IFM Correspondent — Mon, 30 Mar 2026 00:04:19 +0000

French oil major TotalEnergies, while expressing doubts over the global economy’s ability to reach carbon neutrality by 2050 as outlined in the Paris Agreement, said that it will have to adapt its own ‌climate ambitions as a result. The company had previously said it had an ambition to be carbon neutral by 2050.

The goals outlined in the 2015 Paris Agreement to limit global warming require a significant drop in carbon emissions by 2050 across the verticals of the global socio-economic order, by shifting completely away from oil and gas consumption.

“We ⁠must, however, confront our ambition with reality and acknowledge that our societies have embarked on a transition, but at a pace that does not yet allow for the collective achievement of carbon neutrality as pursued under the Paris Agreement. Our own ability to achieve carbon neutrality together with society depends on technical innovation, public policies and consumer choices, meaning that the pathways to our carbon neutrality ambition must be reassessed and adapted over time in line with the ‌evolution ⁠of the global energy system,” TotalEnergies said in its annual sustainability report.

While TotalEnergies’ European peers BP and Shell aim to bring down the carbon intensity in their energy products by 2050, they have also said that the pace at which society transitions away from hydrocarbons would be an important factor to achieve the deadline.

“The company is not in a position to adopt a transition plan as defined by the European reporting standards and, as a result, cannot formulate ‘Net Zero’ targets in the meaning of these standards,” TotalEnergies said.

Recently, Reuters reported that “in ⁠2025, the French oil major emitted 368 million metric tons of CO2 equivalent, the bulk of which were so-called Scope 3 emissions from clients burning purchased fuels. ⁠This was down from 376 million tons in 2024 and within the company’s target to keep these emissions under 400 million tons through to 2030.”

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Angola oil major to roll out 100 EV charging stations by 2028

IFM Correspondent — Tue, 16 Sep 2025 12:00:59 +0000

Sonangol, the national oil company of Angola, said that it is about to install more than 100 Electric Vehicle Charging Points (EVPCs) by 2028, as part of its larger energy transition strategy. This announcement was made by Jelson Pereira, Head of the Operational Management of Energy Assets Department, Sonangol Gas and Renewable Energies, in a pre-conference workshop.

Pereira further said that Sonangol is implementing the Electric Vehicle Charging Points strategy in an effort to promote the decarbonisation of Angola’s transportation sector. This will be done by promoting the use of electric vehicles in the country.

During the 2024/2025 period, the company plans to establish 70 EV charging points, with 30 located in Luanda. Sonangol has also introduced a mobility app that provides customers with information about the Electric Vehicle Charging Point infrastructure.

Electric Vehicle Charging Point also forms part of Sonangol’s multi-energy strategy in Angola, whereby the company will continue driving hydrocarbon exploration and production, diversify its portfolio through natural gas, and pursue alternative energy solutions such as electric vehicles and solar.

In tandem, the company is strengthening collaborations with international partners in clean energy, seeking to unlock innovative technologies to improve operations. A core feature of the company’s energy transition strategy is the rollout of solar, particularly across Angola’s mining industry. Historically relying on diesel-powered generators, the mining industry often faces challenges associated with high power costs.

To address the above concerns, Sonangol plans to distribute solar across the country’s mining operations, thereby reducing costs while decarbonising the industry. It has continued to advance its solar strategy, with Pereira reaffirming that the Quilemba solar project will start operations in 2026, bringing 35 MW online in the first phase and 45 MW in the second phase.

Developed by Sonangol, energy major TotalEnergies and oil company Maurel & Prom, the project will reduce the African country’s reliance on thermal power plants while supporting the diversification of the energy mix.

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Business Leader of the Week: Meet Leonid Mikhelson, CEO of Russian energy giant Novatek

IFM Correspondent — Fri, 24 May 2024 05:11:01 +0000

Novatek, also known as PAO Novatek, is a prominent Russian natural gas producer that focuses on exploring, producing, processing, and marketing natural gas and liquid hydrocarbons. Founded in 1994, Novatek has quickly become one of the largest independent natural gas producers in Russia and worldwide. Based in Moscow, the company operates in various regions in Russia, including the Yamal-Nenets Autonomous Region, which is home to one of the most abundant natural gas fields in the world.

Novatek’s main goal is to develop the Yamal Peninsula, a crucial area for its operations. The company’s flagship project, the Yamal LNG project, is a partnership with major international companies such as TotalEnergies from France and CNPC from China.

This project aims to tap into the extensive natural gas resources in the Yamal region, process them into liquefied natural gas, and export them to global markets. The Yamal LNG project has become one of the largest and most ambitious liquefied natural gas projects in the world, significantly enhancing Russia’s position in the international LNG market.

Apart from Yamal LNG, Novatek has been proactively broadening its footprint in the liquefied natural gas industry via diverse initiatives and collaborations. The business has been investing in the construction of new infrastructure and LNG facilities and is renowned for its creative use of liquefaction technology. In order to diversify its revenue sources and improve its competitiveness in the global energy market, Novatek has also been looking into opportunities in downstream industries, such as petrochemicals.

Novatek has proven to be resilient and adaptable in navigating the challenging terrain of the energy industry, even in the face of obstacles like geopolitical tensions and regulatory uncertainties. Due to its dedication to sustainable development, operational excellence, and technological innovation, the company has established itself as a major player in the global energy transition. Novatek is still a major player in determining the direction of the natural gas sector and propelling economic growth in Russia and abroad with its aggressive expansion plans and astute investments.

The brain behind this successful venture is 68-year-old Leonid Mikhelson, Russian-Israeli billionaire businessman, CEO, chairman and major shareholder of the company.

Who is Leonid Mikhelson?

Leonid Mikhelson was born on 11 August, 1955 in the Russian city of Kaspiysk
He completed his graduation in Industrial Civil Engineering from the Samara Institute of Civil Engineering in 1977
After his graduation, Leonid Mikhelson started working as a foreman at a construction and assembling company in the Tyumen area of Siberia
He was appointed as a Chief Engineer of Ryazantruboprovodstroy in 1985, and in 1987, he became General Director of Kuibishevtruboprovodstroy, which was renamed NOVA in 1994
The same year, Leonid Mikhelson then became General Director of its holding company, Novafinivest, which later became known as Novatek
He was Chairman of the Board of Directors for OAO Stroytransgas and OOO Art Finance, from 2008 until 2010
Other than being the director of companies, Leonid Mikhelson owns 57.5% interest in Sibur
He also holds a 25% stake in Novatek, and he also owns a megayacht, Pacific
Leonid Mikhelson is the founder of the V-A-C Foundation, which supports modern Russian art and maintains connections with the Tate Museums in the United Kingdom, the New Museum in New York, and the Whitechapel Gallery in London
In 2012, he was listed as the second-richest Russian in several articles including Bloomberg
According to Forbes, as of 2024, Leonid Mikhelson’s net worth is around 2,900 crores USD

Novatek Sets Up China Office

Meanwhile, Novatek is assembling a new team in China to investigate marketing the fuel, despite US sanctions impeding plans for exports from its new, multibillion-dollar Arctic project. The action demonstrates how Russian energy companies have continued to shift their focus to Asia, particularly, China, since the conflict in Ukraine closed off their access to European markets.

Following the imposition of US sanctions, Novatek may be able to find buyers for Arctic LNG 2, its most recent LNG project, with the assistance of a China operation. Experts say that Novatek, the biggest LNG producer in Russia, has been assembling a business development and marketing team in Beijing in recent months.

US sanctions were imposed in November 2023 on Arctic LNG 2, a project that was supposed to begin operations in 2024 as part of Russia’s goal to become the world’s leading supplier of LNG. Shipments would not be delivered, as advised by Novatek and its partners, including TotalEnergies of France, to China’s Shenergy Group, Zhejiang Energy, and Spain’s Repsol.

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