The Arctic LNG 2 project in Russia, which Western sanctions have hit in recent months, reduced significantly its production of natural gas in May as it hasn't exported any LNG yet
The Arctic LNG 2 project in Russia , which Western sanctions have hit in recent months, significantly reduced its production of natural gas in May as it hasn’t exported any LNG yet, a source with knowledge of output data told Reuters on Tuesday. Arctic LNG 2, in which Russia n gas producer and LNG exporter Novatek has 60%, extracted 55 million cubic meters of natural gas in May, down from 215 million cubic meters in April, according to Reuters’s source.
Arctic LNG 2 started operations such as natural gas extraction in December, but it hasn’t been able to ship any LNG cargo abroad yet. The project has already seen months of delays after the U.S. sanctions upended the company’s plans for production start-up and export timelines. Potential contract cancellations for the construction of ice-class LNG carriers and the sanctions on Arctic LNG 2 could hamper Russia’s plans to boost LNG sales now that its pipeline route to Europe is largely cut off.
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