TotalEnergies will no longer include in its results the 19.4% it holds in Novatek.
The French group TotalEnergies announced on Friday that it would withdraw its directors from the Russian Novatek and no longer recognize in its results the 19.4% it holds in the gas giant, consequently providing for an asset impairment of 3.7 billion dollars in fourth trimester.
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«The Board of Directors of TotalEnergies has decided to withdraw the Company’s representatives from the Board of Directors of PAO Novatek with immediate effect» and the «19.4% stake held by TotalEnergies in Novatek will no longer be consolidated in the accounts of the Company“, said TotalEnergies in a press release, this decision resulting in”an impairment of approximately $3.7 billion».
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