China Considering Participation in Russia's Arctic LNG-2 Project – Reports

© Sputnik / Sergey Krasnouhov / Go to the photo bankRussia's liquified natural gas (LNG) production facility (File)
Russia's liquified natural gas (LNG) production facility (File) - Sputnik International
Moscow and Beijing are discussing the possibility of China National Petroleum Corporation (CNPC) joining a multibillion dollar liquefied natural gas project Arctic LNG-2, Russian media reported, citing the Minister of Energy, Alexander Novak.

"The issue of the development of the Arctic LNG project is being discussed. It is a new project for the construction of a gas liquefaction plant. It concerns the participation of Chinese partners in a project similar to Yamal LNG," Novak said.

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Novatek, Russia’s largest independent natural gas producer, Chairman Leonid Mikhelson said that the company was ready to consider proposals from its partners in the Yamal LNG project on the purchase of a stake in the Arctic LNG-2 project. The French oil and gas giant, Total, which is to buy 10 percent in the project, has been the only company to make such an offer so far.

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With a production capacity of some 19.8 million tons per year, Arctic LNG-2 is set to be launched in 2023 on the Gydan Peninsula in the north of Siberia.

The shareholders of Yamal LNG, Novatek’s first LNG plant project, built on the resource base of the Yuzno-Tambeyskoye field, are Novatek itself with 50.1 percent, Total and CNPC with 20 percent each, and the Silk Road Fund with 9.9 percent.

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