Russia's Novatek recently halted operations at its Arctic LNG 2 project, and it has no plans to restart it this winter, according to an anonymous Reuters source familiar with the matter
Russia 's Novatek recently halted operations at its Arctic LNG 2 project, and it has no plans to restart it this winter, according to an anonymous Reuters source familiar with the matter. The development is a significant setback for the country's gas ambitions. This project, primarily located on the Gydan Peninsula in the Arctic and majority-owned by Novatek, was supposed to expand Russia 's share in the global LNG market from 8% to an ambitious 20% by 2030.
sanctions have made potential buyers wary of dealing with Russian LNG due to potential retaliatory consequences. In fact, U.S. Assistant Secretary for Energy Resources Geoffrey Pyatt emphasized that the U.S. is stepping up efforts to choke off Russia's revenue from LNG sales, citing this as part of a broader strategy to reduce funding for Moscow's military actions.
Arctic Arctic LNG Gas Gas Exports Sanctions
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