TRT World
2 HOURS AGO
Synopsis
Russian President Vladimir Putin launched the Arctic LNG 2 project, aiming to produce 19.8 million tonnes of LNG annually at a cost of $21 billion. The project is crucial for Russia's northern maritime route connecting Asia and Europe due to global heating and glacier melting. TotalEnergies withdrew from the project due to Russia's actions in Ukraine. Novatek has a 60% stake, partnered with China's CNPC and CNOOC, and Japan's Arctic LNG. Moscow aims for this route to rival the Suez Canal for hydrocarbon transportation.
Project has an estimated cost of $21 billion and aims to achieve a production capacity of 19.8 million tonnes of liquified natural gas a year.
Russian President Vladimir Putin has launched the first part of Arctic LNG 2, a massive liquified natural gas [or LNG] project at Murmansk in the Arctic.
"I request authorisation to begin transport operations at sea," an operator said during the launch ceremony broadcast on television on Thursday.
"Permission granted," Putin replied, activating the lever, as Leonid Mikhelson, the chairman of gas giant Novatek, stood beside him.
"LNG projects are very important. They allow us to conquer share on global LNG market, to develop related sectors ... There are reasons to believe that Arctic LNG 2 will be implemented on time," Putin said in televised comments.
The project has an estimated cost of $21 billion and aims to achieve a production capacity of 19.8 million tonnes of LNG a year, using three production lines.
Route could compete with Suez Canal
Arctic LNG 2 is one of Russia's key projects in its drive to open a northern maritime route linking Asia and Europe, something made possible by global heating and the consequent melting of the glaciers.
French energy giant TotalEnergies had been linked to the project, but in 2022 announced it was pulling out after Russia launched its "military operation" in Ukraine.
Novatek controls 60 percent of the project, and its partners are China's CNPC and CNOOC, as well as Japan's Arctic LNG.
Moscow hopes that this route will, in time, be able to compete with the Suez Canal as a route for transporting hydrocarbons.
Source: www.trtworld.com
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