Monday 7th of March 2022 01:56:35 PM

Europe energy crisis a 'big wake up call,' TotalEnergies CEO says

Exterior view of the headquarters of the oil company TotalEnergies, formerly known as Total HJBC/iStock Editorial via Getty Images Russia's invasion of Ukraine is a "big wake up call" for European governments that have grown dependent on Russian natural gas "if they are serious about security of supply, affordability and of course climate change compatibility," TotalEnergies (TTE -0.8%) CEO Patrick Pouyanne told the CERAWeek energy conference in Houston on Monday. "The reality in Europe is that we don't have enough re-gas terminals today to replace the volume of piped gas from Russia by LNG," and Europe must build more infrastructure to import additional LNG if it wants an alternative to Russian gas, Pouyanne said. Pouyanne also said TotalEnergies did not come under pressure from the French government to fully exit Russia following the Ukraine invasion; TotalEnergies is the only major Western energy company that has not announced plans to fully exit the country. The company nevertheless has stopped buying oil from Russia, although one of its landlocked refineries in Germany continues to receive Russian crude by pipeline. TotalEnergies shares fallen 17% during the past month and closed at a YTD low.

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