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Novatek plans to minimize risk of sanctions for Arctic LNG project

May 07, 14:47 UTC+3 MOSCOW

Arctic LNG-2 is Novatek's second LNG plant

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MOSCOW, May 7. /TASS/. Russian independent gas producer Novatek wants to secure the Arctic LNG project for the production of liquefied natural gas from possible sanctions risks, Leonid Mikhelson, the company's CEO, told reporters.

"Our next project, we are working at and where we are going to decide on investments next year and are trying to avoid possible risks (of sanctions - TASS) from the very start is the Arctic-LNG project," Mikhelson said.

According to him, the management focused efforts to exclude or minimize possible risks that may occur due to tougher sanctions against Russia.

Novatek has been under US sectoral sanctions since 2014. On January 31, 2018, the U.S. authorities put Mikhelson on the so-called "Kremlin list".

LNG projects

Arctic LNG-2 is the second LNG-plant of Novatek. Its launch on the basis of the Gydanskoye field is expected in 2023. In its first LNG project (Yamal LNG) the company mainly applies foreign technologies but plans to expand the use of Russian developments in the second project.

Novatek received a Russian patent for the technology of liquefying natural gas called Arctic Cascade. This technology implies the use of equipment made by domestic manufacturers.

The capacity of the Arctic LNG-2 may reach 19.8 mln tonnes. The project is likely to be implemented jointly with foreign companies. Foreign participants may jointly obtain between 30% and 49% in the project. The company expects its partners in the Yamal LNG (France’s Total and China’s CNPC) to participate in the construction of the new plant.

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