Novatek Greenlights $21 Billion Russian Arctic LNG 2 Plant
- Project expected to be completed between 2023 and 2025
- Partners include Total, Cnooc, CNPC, Mitsui and Jogmec
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Novatek PJSC gave the official go-ahead for its Arctic LNG 2 project, a major step by Russia’s largest liquefied natural gas producer toward its goal of commanding 10% of the global market in a decade.
Novatek Chief Executive Officer Leonid Mikhelson, alongside Russia Energy Minister Alexander Novak, announced the final investment decision Thursday at the Eastern Economic Forum in Russia’s Pacific port of Vladivostok. The move commits it to proceed with financing and engineering contracts for the development, which will cost $21 billion and is expected to be completed between 2023 and 2025, Novak said.