CEO of the Russian natural gas production company Novatek, Leonid Mikhelson, said on Friday that US sanctions on the company’s future Arctic 2 liquefied natural gas project constitute “a recognition of our professionalism.”<\/p>\n\n\n\n
He added during a conference in Samarkand that Qatar, Russia and the United States will be able to meet future global demand for liquefied natural gas.<\/p>\n\n\n\n
On Thursday, the United States imposed sweeping new measures against Moscow over the war in Ukraine, targeting Russia’s future energy capabilities among other goals.<\/p>\n\n\n\n
The Russian company Novatek is leading the Arctic 2 project and owns 60% of the project. And<\/p>\n\n\n\n
Other shareholders include French energy giant Total Energies, China National Petroleum Corporation (CNPC), China National Offshore Oil Corporation (CNOC) and Japan’s Arctic LNG, each owning 10 % in the project.<\/p>\n\n\n\n
The project is expected to begin producing supercooled gas by the end of this year or early 2024.<\/p>\n\n\n\n
Arctic will be Russia’s third large-scale project to produce liquefied natural gas after Sakhalin 2, which is led by Gazprom in Russia’s Pacific region, and Yamal LNG, also affiliated with Novatek.<\/p>\n\n\n\n
This would help Russia achieve the goal of winning 20% of the global LNG market by 2035, up from about 8% currently.<\/p>\n\n\n\n
The production capacity of the three Arctic 2 LNG lines will be 6.6 million tons per year for each line.<\/p>\n\n\n\n
Investments in the project are estimated at approximately $21.3 billion.<\/p>\n","protected":false},"excerpt":{"rendered":"
CEO of the Russian natural gas production company Novatek, Leonid Mikhelson, said on Friday that US sanctions on the company’s future Arctic 2 liquefied natural gas project constitute “a recognition of our professionalism.” He added during a conference in Samarkand that Qatar, Russia and the United States will be able to meet future global demand …<\/p>\n","protected":false},"author":9,"featured_media":53340,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,37,36],"tags":[9034,7957,7004,6909],"class_list":["post-92016","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-forex-markets","category-market-updates","tag-ism-services-pmi","tag-nfp-data","tag-opec-2","tag-wti"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/92016","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=92016"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/92016\/revisions"}],"predecessor-version":[{"id":92017,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/92016\/revisions\/92017"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/53340"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=92016"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=92016"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=92016"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}