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China's CNPC and CNOOC Seek Arctic LNG 2 Sanctions Exemption

LNG

China’s CNPC and CNOOC have asked the US government for sanctions exemptions on Russia’s new LNG export plant, Arctic LNG 2 according to Reuters sources.

  • Both companies have a 10% stake each in the project.
  • The source said the US Department of the Treasury has yet to respond.
  • Reuters reported on Wednesday that Novatek had sent force majeure notifications to some of its clients over future supplies from Arctic-2, which is due to start production before the end of this year or in early 2024.
  • LNG vessels could fall foul of US sanctions if they pick up fuel from Arctic LNG 2 an earlier Bloomberg report said – potentially endangering supply from American projects.
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