Technip Energies: share dives on investigation by Le Monde
(CercleFinance.com) - Technip Energies' share crumbled about 14% in Paris yesterday following the publication of an investigation by Le Monde showing how the company managed to limit its losses by delaying its exit from a huge gas project in Russia, despite international sanctions.
It says that the company found itself caught between a E7bn contract to engineer and build the Arctic LNG 2 project and the imposition of international sanctions requiring it to withdraw from the project. This withdrawal could have angered the client and exposed the company to heavy penalties.
However, Le Monde says that Technip Energies has continued to invest in the project, including the delivery of two modules of the second liquefaction train, worth around E450m, between August and October 2022. To back this, the newspaper cites Russian customs records, maritime data and satellite images.
The daily reports that while Technip Energies does not dispute these deliveries, it insists that it did not break any rules, suggesting that the parts in question were not very strategic.
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It says that the company found itself caught between a E7bn contract to engineer and build the Arctic LNG 2 project and the imposition of international sanctions requiring it to withdraw from the project. This withdrawal could have angered the client and exposed the company to heavy penalties.
However, Le Monde says that Technip Energies has continued to invest in the project, including the delivery of two modules of the second liquefaction train, worth around E450m, between August and October 2022. To back this, the newspaper cites Russian customs records, maritime data and satellite images.
The daily reports that while Technip Energies does not dispute these deliveries, it insists that it did not break any rules, suggesting that the parts in question were not very strategic.
Copyright (c) 2023 CercleFinance.com. All rights reserved.