Russian Novatek has dismissed sanctions against its Arctic LNG 2 project imposed by Washington last week as a desperate attempt to keep international gas prices high, Interfax reported on Monday
. Novatek, founded by Leonid Mikhelson, is Russia’s largest private gas group, and its founder, and its partnership with French TotalEnergies NYSETTE has been under scrutiny since Russia’s invasion of Ukraine. Interfax quoted Mikhelson as describing U.S. sanctions as “high praise for our professionalism” and designed to benefit North American LNG players looking to drive prices higher.
Novatek has a 60% interest in the project, with TotalEnergies and Chinese companies CNPC and CNOOC each holding 10%, along with 10% for a separate consortium of Japan’s Mitsui and JOGMEC. TotalEnergies also owns an additional 21.% in the project through its shareholding Novatek. Long-term supply contracts are now in question, as is future financing of the project.
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