Russia’s Arctic-2 LNG project to start operations later this year

The Arctic-2 LNG project, led by Russian company Novatek, is progressing as scheduled with its first phase expected to start operation later this year. The project includes various international partners, including China National Offshore Oil Corporation (CNOOC), which holds a 10% stake.

Novatek is the majority stakeholder with a 60% share, while other participants include French energy company TotalEnergies, China National Petroleum Corporation (CNPC), and a consortium consisting of Mitsui & Co. and JOGMEC from Japan, each holding a 10% stake.

According to Xie Weizhi, the Chief Financial Officer of CNOOC, all partners have been continuing to finance the project as planned, indicating that funding is on track and there are no indications of delays. This aligns with the stance of Chinese state energy companies to proceed with existing projects in Russia while refraining from committing to new investments.

The Arctic-2 project is part of Russia’s efforts to tap into its extensive Arctic resources and expand its liquefied natural gas (LNG) production capacity. It represents a significant collaboration between multiple international partners to develop and export LNG from the Arctic region.

Elevate your business with QU4TRO PRO!

Gain access to comprehensive analysis, in-depth reports and market trends.

Interested in learning more?

Sign up for Top Insights Today

Top Insights Today delivers the latest insights straight to your inbox.

You will get daily industry insights on

Oil & Gas, Rare Earths & Commodities, Mining & Metals, EVs & Battery Technology, ESG & Renewable Energy, AI & Semiconductors, Aerospace & Defense, Sanctions & Regulation, Business & Politics.

By clicking subscribe you agree to our privacy and cookie policy and terms and conditions of use.

Read more insights

US solar industry set for continued growth in 2024, fueled by the IRA

The U.S. solar industry is poised to maintain its strong momentum in 2024, building upon its significant contribution to new electricity capacity additions to the grid last year, according to a report published by the Solar Energy Industries Association on Wednesday. Driven by the incentives…

Trump’s tariffs rattle emerging markets, drive global shift to safe-haven assets

The financial aftershocks of President Donald Trump’s sweeping tariff measures are rippling through global markets, with emerging-market (EM) assets once again bearing the brunt of investor anxiety. Currency strategists and fund managers now warn that rising trade uncertainty is weakening risk appetite and prompting a shift away from more volatile assets.

Strategists are cautioning that emerging-market currencies are particularly vulnerable to further losses. China’s yuan is expected to face modest depreciation, while currencies like South Africa’s rand and several in Latin America are seen languishing at soft levels. Although developed-market currencies may benefit from the dollar’s pullback, EMs likely won’t.

Australia’s Woodside gets approval from Mexico to develop Trion oil project

Australia’s Woodside Energy has achieved a significant milestone with the approval of the development plan for its Trion deepwater oil project in Mexico. The approval was granted by Mexico’s oil and gas exploration regulator, paving the way for Woodside to advance into the execution phase of the project.

Stay informed

error: Content is protected !!