Russian President Vladimir Putin on Thursday inaugurated the first phase of the large Arctic LNG 2 liquefied natural gas project in the Murmansk region.
The project, which will transport gas from Russia in the form of liquefied natural gas (LNG) in tankers across Arctic waters, is estimated to cost $21 billion. Production capacities of 19.8 million tons per year of liquefied gas are planned using three production plants.
Until 2022, the French energy company Total was involved in the Arctic LNG 2 project, but after the start of the Russian military offensive in Ukraine, Total withdrew. Nowatek controls 60 percent of the project, partner companies are CNPC and CNOOC from China and Japan Arctic LNG.
Arctic LNG 2 is located on the Gydan Peninsula, about 30 kilometers from a first giant LNG plant on the Yamal Peninsula, which became operational in 2017.
Arctic LNG 2 is one of the key projects in Putin’s plan to create a northern shipping route between Asia and Europe. This was made possible by climate change and the melting of glaciers in the Arctic. Moscow hopes that in time the route will rival the Suez Canal as a means of transporting oil and gas.
Source: Krone
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