The French company Total expects to record a loss of 4.1 billion riyals due to the reduction in the value of its natural gas reserves due to sanctions against Russia.
The leak concerns the Arctic LNG 2 project in the Arctic, which still is in development phase.
Interestingly, France’s Total is one of the few Western companies that has not announced the cessation of its operations in Russia, unlike the rest of the international oil companies such as BP, Shell and Exxon Mobil.
Shell announced earlier this month that it plans to write down assets by up to $ 5 billion in the first quarter due to its exit from Russia.
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