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Local Latvians protest

against Skulte LNG

PROJECTS THE project of the proposed Skulte Liquid Nat- be replaced by local resources, while the terminal
ural Gas (LNG) terminal in Latvia has caused should be constructed elsewhere if necessary.
the local residents’ association to stir. The great- “There are several places in Latvia where it
est concern is the safety risks in the event of an would be possible to build the terminal, more
accident, Latvian Television reported on May 1. suitable places where there is an industrial zone
The Skulte Liquefied Natural Gas Terminal and the environment is intended for it, can avoid
project is one of the options to replace Russian all kinds of risks,” said Juris Piziks, founder of the
gas. The terminal is intended north of the port Coastal Environmental Protection Society.
of Skulte, on the border of the municipalities “We want to see the comparison for all these
of Saulkrasti and Limbazi. A pipeline would be potential terminal projects. We want to see a real
connected to the coast, while the terminal itself technical-economic rationale,” said Marta Tim-
would be 2.5 kilometers away from the coast. The rota, spokeswoman for the association. “This gas
project developers have indicated that the termi- is not regasification in tanks. Instead, it is regas-
nal could be moved to 5km away and would then ification in the transshipment process, which
be virtually invisible from the shore. increases the possibility of gas leakage,” Timrota
Concerns about the project have long been said.
raised by some local residents who have set up Latvia’s economics ministry will present a
the Coastal Environmental Protection Society. report on terminal projects to the government
The representatives stressed that they supported by the end of May.™
the withdrawal of Russian gas, but that it should

TotalEnergies reports

first-quarter profit

RESULTS FRANCE’S TotalEnergies has posted a profit for stakes in the Yamal LNG and Arctic LNG 2 pro-
the first quarter of 2022, despite a $4.1bn impair- jects. It did say in March that it would halt any
ment that was attributed to its business in Russia. new investments in Russia in light of Moscow’s
The company’s net income amounted to invasion of Ukraine. This has implications for
$4.9bn, but while this marked a 48% increase Arctic LNG 2 in particular, which is in the pro-
year on year from $3.3bn in the first quarter of cess of being built. On the earnings call, TotalEn-
2021, it was also a sequential drop of 15% from ergies’ chairman, president and CEO, Patrick
$5.8bn in the fourth quarter of last year. This fig- Pouyanné, said it was “difficult to believe” that
ure takes into account the impairment associated the project could be built given the current sanc-
with the exposure to Russia, TotalEnergies’ chief tions regime and the fact that his company would
financial officer, Jean-Pierre Sbraire, said on the not spend any more capital on it.
company’s earnings call. Adjusted net income, Pouyanné also indicated that the com-
meanwhile, came in at $9.0bn for the first quar- pany could yet abandon its existing Russian
ter, triple the $3bn posted in the first quarter of operations.
2021 and up 32% sequentially. “We never stated we will stay in Russia”, he
TotalEnergies’ adjusted earnings before said. “We have just not stated that we will exit
interest, taxes, depreciation and amortisation from Russia, which is a little different.”
(EBITDA) for the latest quarter reached $17.4bn, Meanwhile, high oil and gas prices have
up 22% sequentially and more than double the encouraged the company to ramp up share buy-
$8.2bn recorded a year ago. backs. TotalEnergies said it will now repurchase
Unlike other super-majors, TotalEnergies has up to $2bn of its shares by the end of the second
stopped short of announcing a full withdrawal quarter of 2022, after buying back $1bn during
from its Russian operations, which include the last quarter.™

P12 www. NEWSBASE .com Week 18 06•May•2022