TotalEnergies will continue to hold 10% equity in Arctic Transshipment, a joint venture between the French energy giant and Russia’s independent Novatek.

The business owns a floating gas transshipment terminal in Russia to store and transfer liquefied natural gas produced from the Yamal LNG and Arctic LNG 2 projects.

Arctic Transshipment's assets comprise two floating storage units, the first of which was delivered last week and is en route to the port of Murmansk in Russia.

Continuing to hold equity in the joint venture could help Novatek improve logistics and save costs, especially at a time when western sanctions have delayed the Russian company’s orders for additional ice-capable LNG carriers.