The first stage of the Arctic LNG-2 plant has already started working, and first shipments of liquefied natural gas (LNG) from this project will begin in the first quarter of 2024, said Russian Deputy Prime Minister Alexander Novak as cited by TASS.
"The Arctic LNG-2 plant is currently under construction, the first stage of which has actually already started working. We expect that in the first quarter of next year shipments from this project will already begin," he said.
Earlier, Reuters reported that Novatek had sent force majeure notices to some of its customers regarding future LNG supplies from the Arctic LNG-2 project.
According to the Kommersant newspaper, the foreign shareholders of the project - French TotalEnergies, Chinese CNPC and CNOOC and a consortium of Japanese Mitsui and JOGMEC - declared force majeure on participation in the project.
On November 2, the US Treasury Department included Arctic LNG-2 in the sanctions list, and also set January 31, 2024 as the deadline for completing transactions with the energy project.
Commenting on the sanctions imposed against the Russian LNG industry, Novak noted that the experience of the last two years has shown that Russia can successfully operate under restrictions.
According to the Deputy Prime Minister, this is largely due to earlier decisions on import substitution. "If we talk about the oil and gas industry, over the past few years we have reduced dependence [on Western-made components] from 67% to 35% and further set the task to ensure full technological sovereignty," he said.
The Deputy Prime Minister noted that taking into account all the projects that are part of Russia's strategic plan for the development of the LNG market and the construction of factories, by 2035 the country will reach the level of LNG production of 100 million tons. "And we plan that we will occupy a niche of 15 to 20% in the global market. In principle, the same share that we occupied in the supply of pipeline gas," Novak said.
Alex Shishlo for Rough&Polished
