French energy company Total will withdraw from its joint venture with Russian energy giant Lukoil to develop oil fields, news agency Sputnik reported Thursday, citingLukoil's CEO,Vagit Alekperov.
"We agreed that Lukoilwill continue working on ourown," Alekperov said and addedthat the French company would like toreturn to its oil projects in Russia when Western sanctions are lifted.
Jacques de Boisseson, head ofTotal Exploration and Production Russia confirmed tothe Russian Kommersantnewspaper that Lukoil wants to continue its cooperation with Lukoil onBazhenovshale oil fields after sanctions are lifted.
Total and Lukoil signed a MOu in 2014 to develop the Bazhenov oil field. The companies were due to invest around $150 million in the project over the next two years.
In the past week alone, Total has made two withdrawals from its investments in Russia.According to Russian media, Total also decided to return its 25 percent stake in the Shtokman gas field development project with Russia's Gazprom.
Sanctionswere imposed a little more than a year ago over Russia’s annexation of the Crimean peninsula from Ukraine and over its support of pro-Russian separatists in eastern Ukraine.
Thesanctionsmainly target senior officials in Russia and excludeits state banks from raising long-term loans.
At least 6,417 people have been killed, and 15,962 others wounded in the conflict between Ukrainian forces and pro-Russian separatists since April 2014, according to the U.N.'s latest report.
(Anadolu Agency)
