Novatek CEO Leonid Mikhelson said at the Eastern Economic Forum that his company intends to pull out of projects in Montenegro and Lebanon.

Russian President Vladimir Putin has allowed Novatek, Russia’s second-largest natural gas producer, to acquire shares in Total Energies (a fully integrated French multinational oil and gas group) in Terneftegaz.

The text of the document, published on the official Internet portal of legal information, reads: “In accordance with paragraph five of the Decree of the President of the Russian Federation dated August 5, 2022 and the instructions of the President of the Russian Federation dated August 16, 2022, y allow OAO NOVATEK to conclude a transaction on acquisition of 1,714,180,106 ordinary shares of CJSC Terneft Gas, a subsidiary of a simplified joint stock company.

At the end of August, Novatek announced the acquisition of a 49% stake in the French Total Energies in its joint venture Terneft-Gaz, thus increasing its stake to 100%.