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Saudi Arabia to consider participation in Arctic LNG project

"Saudi Arabia is a huge market for gas, so we’re looking at existing projects like Yamal LNG," the country's energy minister said

ST. PETERSBURG, June 2. /TASS/. Saudi Arabia will explore the possibility of participating in Russia's Arctic LNG project, the country’s Minister of Energy, Industry and Mineral Resources Khalid A. Al-Falih said in an interview with TASS, adding that the country is interested in LNG supplies.

"Everything is possible. At this stage, of course, it is too early to talk about specific projects. LNG business is challenging, there is a lot of supply. However, we don’t think in terms of years, we think in terms of decades. So I think we should look at long-term projections, and if the projects are justified we will consider investing in them. Especially, if they can be used to supply LNG to Saudi Arabia," he said when asked about the country’s potential participation in the Arctic LNG project.

"Saudi Arabia is a huge market for gas, so we’re looking at existing projects like Yamal LNG, but we’re also looking at future projects with Russian companies that we can do elsewhere - Africa, Mediterranean," he added.

The minister said he was impressed by Russian projects that he had visited prior to SPIEF-2017.

"I was impressed by Russian ingenuity, they are able to innovate ways to make possible these projects. It increases our confidence in working with Russian counterparts and lays a foundation for exploring future opportunities," he said.

"In Saudi Arabia we have one extreme, which is the temperature 50 degrees plus. When you think it is very difficult you come and see the Arctic where even in the summer the temperature is minus 10, like this week, and you need nuclear power ice-breakers to bring the materials and people there, you realize it’s even more severe," he added.