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French energy giant TotalEnergies has agreed to divest its 49% stake in Termokarstovoye gas and condensates field in Serbia, Russia to its local joint venture partner Novatek.

The transaction includes the sale of Terneftegas, which operates the Termokarstovoye oil and gas field.

Upon the completion of the transaction, Novatek will hold a 100% stake in the Terneftegas field, which includes a gas treatment unit, a gas gathering network, and a gas condensate de-ethanization facility.

Subject to customary conditions, the deal is planned to be closed in September 2022.

In a press statement, TotalEnergies said: “TotalEnergies reiterated its firmest condemnation of Russia’s military aggression against Ukraine and stated that it would ensure strict compliance with current and future European sanctions, no matter what the consequences on the management of its assets in Russia.”

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By GlobalData

Furthermore, TotalEnergies also announced plans to suspend its activities in Russia if they do not contribute to the Europe’s security of energy supply.

In July 2022, TotalEnergies decided to sell its remaining 20% stake in the Kharyaga oil field in the wake of Western sanctions imposed on Russia following its invasion of Ukraine

In a separate development amid Russia-Ukraine crises, the German government has launched a holding company to carry out a possible nationalisation of Gazprom Germania, reported Reuters citing German Sunday newspaper Welt am Sonntag as saying.

In April 2022, Russia’s Gazprom exited its German energy trading, storage, and transmission business, Gazprom Germania, in the wake of strained energy ties between Russia and Germany as a result of Moscow’s military incursion on Ukraine.

The new holding company, named Securing Energy for Europe Holding GmbH (SEEHG), will be responsible for the Gazprom Germania’s investments.