Despite increased sanctions pressure from the West, Novatek is preparing to begin delivery of the equipment and structure for the second stage of its Arctic LNG 2 project.
Despite increased sanctions pressure from the West, Russia ’s LNG developer and exporter Novatek prepares to begin delivery of the equipment and structure for the second stage of its Arctic LNG 2 project at the end of July, Reuters reported on Thursday, quoting sources with knowledge of the plans. The deliveries of the foundation structures, the so-called gravity-based structures GBS, will begin between July 22 and 25 from a plant in the Murmansk region, according to one of Reuters’ sources.
” Located in the Gydan Peninsula in the Arctic, the Arctic LNG 2 project has been considered key to Russia’s efforts to boost its global LNG market share from 8% to 20% by 2030-2035. However, foreign shareholders suspended participation in the Arctic LNG 2 project after the Biden Administration announced the new sanctions, effectively withdrawing from the financing of the project and for offtake contracts for the new plant.
Arctic LNG 2 LNG Natural Gas Sanctions Geopolitics Russia
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