Arab companies want to join Russia's Arctic gas project

© Sputnik / Yuri Lushin / Go to the photo bankArab companies want to join Russia's Arctic gas project
Arab companies want to join Russia's Arctic gas project - Sputnik International
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Arab companies are interested in participation in the Yamal liquefied natural gas (LNG) project in the Russian Arctic, Deputy Prime Minister in charge of energy Igor Sechin said on Thursday.

Arab companies are interested in participation in the Yamal liquefied natural gas (LNG) project in the Russian Arctic, Deputy Prime Minister in charge of energy Igor Sechin said on Thursday.

The project, implemented by Russia's largest independent gas producer Novatek and France's Total, to produce LNG on Yamal Peninsula in the Russian Arctic is estimated at $15-20 billion and envisages the development of the giant Yuzhno-Tambeiskoye gas condensate field and the construction of a LNG plant. Novatek also plans to build a sea port in the Sabetta village in Yamal and an ice-class tanker fleet.

"Our Arab partners have asked Novatek to participate, and a Qatar oil and gas company wants to become a project shareholder. There are other possible partners, they are all holding negotiations," Sechin told reporters.

The Yuzhno-Tambeiskoye field has estimated reserves of 1.3 trillion meters of gas under the 1+2 categories. Under the international classification, the field's reserves amount to 418 billion cubic meters of gas and 15 million tons of gas condensate.

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