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.

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