The CEO of TotalEnergies on Saturday defended the corporate’s refusal to completely go out Russia, however mentioned it will by no means do trade with President Vladimir Putin once more.
Talking to CNBC’s Hadley Gamble, Patrick Pouyanne, chairman and CEO of TotalEnergies, mentioned he used to be no longer ready to put in writing off the corporate’s belongings in Russia as it will successfully imply giving them to Putin “at no cost.”
“What can we do with the present belongings? … I’m really not in a position to offer them for 0 to Russian folks, to Russian oligarchs … as a result of through the best way, it will be opposite of the sanctions,” he mentioned on a CNBC-moderated panel on the Doha Discussion board in Qatar.
“Those belongings are there, I can no longer give them at no cost to Mr. Putin. As a result of that is what it approach, leaving these days.”
The French corporate has confronted complaint for its refusal to put in writing off its oil and gasoline belongings in Russia — as an example its stakes in Russian gasoline manufacturers Novatek and Yamal — like its competitors Shell and BP. Shell is reportedly dealing with a lack of $3 billion for its Russian belongings whilst BP’s write-down may well be within the area of $25 billion.
However Pouyanne argued that “written off” in fact “approach not anything,” and used to be little greater than an accounting follow.
In accordance with the go out plans of rival power corporations, Pouyanne mentioned: “They do what they would like, I am doing what [we] need,” however added that he didn’t understand how they deliberate to go out the rustic with out contravening sanctions. “I would really like my colleagues to provide an explanation for to me how they’ll do it.”
As a substitute of a complete go out from Russia, TotalEnergies mentioned this week that it will not supply capital for brand new tasks in Russia and would no longer renew its Russian gasoil and crude provide contracts. “We’re completely towards and we firmly condemn the aggression of Russia towards Ukraine,” Pouyanne mentioned at the panel Saturday.
He added: “We can no longer paintings with President Putin — make a distinction please between Russia and Putin.”
In a remark Tuesday, TotalEnergies mentioned: “Leaving behind those pursuits with out attention would enrich Russian traders, in contradiction with the sanctions’ objective,” and added that sanctions and Russian rules imply the corporate used to be averted from discovering a non-Russian purchaser for those belongings.
‘We created a … monster’
Pouyanne mentioned courses will have to be realized from Europe’s reliance on Russian gasoline. The EU imported 45% of its gasoline from Russia closing 12 months, in keeping with the World Power Company.
“It is true that we created a scenario the place we’re depending on them,” he mentioned, given Europe’s choice to go for the low cost Russian choice. “It is a lesson for all people.”
Putin “didn’t power” Europe to shop for Russia’s gasoline, he mentioned. “We preferred the bottom price power … Sure, we created a kind of monster, however on either side, you realize.”
He added that individuals now had to imagine how a lot they’re prepared to pay for the price of power safety with out Russia.
