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  • 2022 October 27 18:02

    Arctic LNG 2 project is 70% complete ‒ Leonid Mikhelson

    The project facilities will be put into operation as scheduled

    As of today, Arctic LNG 2 project is 70% complete, Leonid Mikhelson, Chairman of the Management Board, Member of the Board of Directors, NOVATEK, said at the 15th Verona Eurasian Economic Forum. According to him, the project facilities will be put into operation as scheduled. In 2023, the company is to make a decision on implementation of the next LNG projects.

    “Of course, sanctions have affected us. We have made efforts not only in terms of the industry and the engineering solutions, but we have also managed to obtain the main equipment for all the three trains of the Arctic LNG 2 project and we have found technological solutions to prevent the delay. We have got a window of about three years for localization and for resolving the issue with three or four items of equipment. I am sure we will settle it within three years. Perhaps, that will require some money, but if everything continues , ... it will pay off three or four times,” commented Leonid Mikhelson.

    The speaker also informed that handling points in Murmansk and Kamchatka would be put into operation in 2023.

    Leonid Mikhelson expressed his concern about gas prices in the world. In his opinion, if this level of prices continues, the global energy sector will return to coal and there will be a shortage of gas worldwide in 2023.

    PAO NOVATEK is the largest independent natural gas producer in Russia and the key LNG developer in the Arctic. Some western companies including Technip (France), Saipem (Italy) and Baker Hughes (USA) earlier withdrew from the NOVATEK’s project amid the policy of sanctions. Therefore, Arctic LNG 2 project faces considerable delays. According to earlier statements, the first LNG train is to be put into operation not earlier than in the end of 2023, one year behind the schedule.

    NOVATEK’s Arctic LNG 2 project provides for construction of three LNG trains, with a capacity of 6.6 mtpa of LNG each, and at least 1.6 mtpa of stable gas condensate. The total LNG capacity of the three trains will be 19.8 mtpa. The project employs an innovative construction concept using gravity-based structures (GBS).

    Related links:

    Operation of NOVATEK’s LNG complex in Bechevinskaya Bay to enter its active phase in late 2023 >>>>

    Key phase of works on construction of ice protection facilities completed at Arctic LNG 2 project’s Utrenny terminal >>>>




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