NOVATEK will form a team and open an office in China for its gas sales. The company took this step to find customers for the products of the new Arctic LNG-2 plant against the background of US sanctions, kommersant.ru reports.
It is assumed that the new team will be headed by Xu Jinhai, a former manager of Gazprombank in China.
Arctic LNG-2 is a NOVATEK's liquefied natural gas (LNG) production project. The capacity of each production plant will be 6.6 million tons of LNG per year, as well as up to 1.6 million tons of stable gas condensate per year. The project is expected to reach target capacity by 2026. The first tanker with Arctic LNG-2 produce was expected to leave for Asia at the end of January.
In November 2023, Arctic LNG-2 was sanctioned by Western nations, and in December NOVATEK warned customers about force majeure related to supplies from the project. After that the foreign shareholders of the project - French TotalEnergies, Chinese CNPC and CNOOC, as well as a consortium of Japanese Mitsui and JOGMEC - announced force majeure under their contracts in the project.
Alex Shishlo for Rough&Polished
