Rus­sian firm launches huge Arc­tic gas project

Global Times US Edition - - WORLD -

Rus­sia’s No­vatek on Thurs­day an­nounced the launch of a ma­jor liq­ue­fied nat­u­ral gas project in the Arc­tic with Chi­nese, French and Ja­panese part­ners.

The pri­vately owned com­pany said that a “fi­nal in­vest­ment de­ci­sion” had been made on fi­nanc­ing the $21 bil­lion Arc­tic LNG 2 project with part­ners in­clud­ing France’s To­tal, CNPC and CNOOC of China, and a Ja­panese con­sor­tium.

The an­nounce­ment came dur­ing Rus­sia’s East­ern Eco­nomic Fo­rum in Vladi­vos­tok, where Pres­i­dent Vladimir Putin is host­ing Asian lead­ers in­clud­ing Ja­panese Prime Min­is­ter Shinzo Abe and In­dian Prime Min­is­ter Naren­dra Modi.

The Arc­tic LNG 2 will see the devel­op­ment of the Utren­n­eye field and the build­ing of a nat­u­ral gas liq­ue­fac­tion plant on the Gy­dan Penin­sula in Rus­sia’s Arc­tic.

The plant will have a ca­pac­ity of 19.8 mil­lion met­ric tons and its first ex­ports are ex­pected in 2023.

“To­day we have taken an­other step for­ward in our goal to be­come one of the largest LNG pro­duc­ers in the world,” No­vatek CEO Leonid Mikhel­son said in a state­ment.

No­vatek be­came Rus­sia’s largest in­de­pen­dent nat­u­ral gas pro­ducer fol­low­ing the launch two years ago of its first Arc­tic LNG plant in the Ya­mal Penin­sula.

Rus­sia, al­ready the world’s big­gest gas ex­porter, is keen to de­velop its LNG po­ten­tial in the Arc­tic, in par­tic­u­lar for Asian mar­kets.

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