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TotalEnergies has set out plans to grow its business and distributions to shareholders without any future contribution from its Russian assets. Total CEO Patrick Pouyanne this week reaffirmed that "fundamentally, we don’t think our future's with Russia" while emphasizing the growing importance of the French major's LNG and renewable power business in the US. The company hopes to add to its US LNG position with an equity stake in the right liquefaction project, preferably a brownfield project, Pouyanne said. He emphasized that Total's LNG business would thrive even without Russia: "I could add that it's less Russia, more US, more Qatar." Unlike its European peers that are exiting Russia, Total still has a 19.4% minority stake in gas producer and LNG developer Novatek, and stakes in the Novatek-led Yamal and Arctic LNG 2 export projects. "As long as Europe does not sanction Russian gas, we have no way to escape from these contracts," Pouyanne said. But the Total CEO said he believed cash flows from the company's Russian holdings could dry up in the coming months, amid escalating tensions between Russia and the West over the war in Ukraine.

Corporate Strategy
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