Russia's Novatek suspends work on two LNG projects due to sanctions
Russian natural gas company Novatek has suspended work on the development of the Murmansk and Ob liquefied natural gas (LNG) projects due to pressure from western sanctions, the Kommersant newspaper reported on Monday.
"Due to the pressure of sanctions, the leader of the Russian LNG market, Novatek, is looking for alternative options for monetizing its gas reserves and revising promising export projects," Kommersant reported, citing sources familiar with the company's plans.
According to Kommersant's sources, no active work is underway on either of the large-tonnage Murmansk LNG and Ob LNG projects.
Construction for the Murmansk LNG project in Russia's Arctic, on the shore of the Kola Bay near Murmansk and the village of Belokamenka, was scheduled for 2027–2030.
The Ob LNG plant, adjacent to Yamal LNG on the Yamal Peninsula, in the north of Russia, is to have a capacity of 6 MMt, Kommersant reported.
In June, the European Union banned new investments, as well as the provision of goods, technologies and services necessary to complete the construction the LNG projects.
Related News
Related News
- Biogas in France: TotalEnergies starts its 2nd largest unit in Normandy
- Parker Hannifin joins iHAPC project to test H2 and argon for cleaner and more energy-efficient engine technologies
- Digital Exclusive: The future of gas turbines in the green revolution
- LNG retrofits surge as maritime industry seeks short-term carbon reduction solutions
- Kent secures integral role in engineering and execution of Wormington compressor station project
Comments