The CEO of TotalEnergies on Saturday defended the corporate’s refusal to totally go out Russia, however mentioned it will by no means do industry with President Vladimir Putin once more.
Talking to CNBC’s Hadley Gamble, Patrick Pouyanne, chairman and CEO of TotalEnergies, mentioned he used to be now not ready to jot down 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 able to offer them for 0 to Russian other folks, to Russian oligarchs … as a result of through the way in which, 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 now not give them at no cost to Mr. Putin. As a result of that is what it method, leaving nowadays.”
The French corporate has confronted grievance for its refusal to jot down off its oil and gasoline belongings in Russia — for instance 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 reality “method not anything,” and used to be little greater than an accounting follow.
In keeping 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 love my colleagues to provide an explanation for to me how they’re going to do it.”
As an alternative of a complete go out from Russia, TotalEnergies mentioned this week that it will not supply capital for brand spanking new initiatives in Russia and would now not renew its Russian gasoil and crude provide contracts. “We’re completely in opposition to and we firmly condemn the aggression of Russia in opposition to Ukraine,” Pouyanne mentioned at the panel Saturday.
He added: “We will be able to now not paintings with President Putin — make a distinction please between Russia and Putin.”
In a commentary Tuesday, TotalEnergies mentioned: “Leaving behind those pursuits with out attention would enrich Russian buyers, in contradiction with the sanctions’ goal,” and added that sanctions and Russian rules imply the corporate used to be avoided from discovering a non-Russian purchaser for those belongings.
‘We created a … monster’
Pouyanne mentioned classes must be discovered from Europe’s reliance on Russian gasoline. The EU imported 45% of its gasoline from Russia closing 12 months, in keeping with the Global 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 cheap Russian possibility. “It is a lesson for all people.”
Putin “didn’t power” Europe to shop for Russia’s gasoline, he mentioned. “We preferred the bottom value power … Sure, we created a type 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.