Page 95 - bne IntelliNews monthly country report Russia February 2024

Foreign shareholders - the French TotalEnergies, the Chinese CNPC and CNOOC and the consortium of the Japanese Mitsui and JOGMEC - have frozen Novatek's participation in the Arctic LNG-2 project, Kommersant writes. Last week, Novatek notified customers of force majeure with supplies due to the project being included in the US sanctions SDN list, and now force majeure under their contracts was declared by foreign shareholders, who in total own 40% of the project (Novatek has the rest "). A government source confirmed this to the newspaper - in fact, the partners refused responsibilities for financing and offtake contracts.
● Other
The resource replenishment ratio of Russian oil company RussNeft will exceed 100% of the company’s oil production in 2023, corporate newspaper Vremya RussNefti reported on December 8 quoting Vice President for Geology and Development Yevgeny Pitsyura. The company has drilled more than 300 wells at the Tagrinskoye and Verkhne-Shapshinskoye oil deposits in Western Siberia in the past eight years., and the drilling program at the deposits has entered its final stage.
Russian President Vladimir Putin has ordered the seizure of stakes held by Germany’s Wintershall Dea and Austria’s OMV in three gas and condensate producing ventures in West Siberia after blocking the companies’ efforts to sell them last year. Two decrees were published on the Russian government website on December 20 ordering authorities to cancel the incorporation of Achimgaz, Achim Development and Severneftegazprom and their affiliated subsidiaries that handle the delivery and sales of produced hydrocarbons.
9.2.2 Automotive corporate news
Sales of Russia’s carmaker AvtoVAZ grew by 66% on the year to 36,054 Lada cars in November, the company said in a statement on December 4. In January–November, sales of Lada cars jumped by 94.1% on the year to 319,518 vehicles, the company said.
Russia’s Soviet-era Moskvich car brand entered the country’s list of top 10 best-selling car for the first time in November, Reuters reports. November sales of new passenger cars in Russia increased by 113% y/y to 109,706 vehicles, Russian analytical agency Autostat said, citing data from its partner PPK. Sales are rebounding from a slump caused by sanctions and the departure of Western carmakers in 2022. Production of the Moskvich was relaunched this year at a plant in Moscow that was owned by French car manufacturer Renault. The Russian state purchased the factory for a symbolic
95 RUSSIA Country Report February 2024 www.intellinews.com