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First Train of Arctic-2 LNG Project  Proceeding as Planned

LNG

Russia's Arctic-2 LNG project is proceeding as planned with first phase to start operation during this year according to CNOOC on Friday.

  • Arctic-2 is led by Russian firm Novatek which holds a 60% stake with other shareholders CNOOC, TotalEnergies, CNPC and Japan Arctic LNG (a consortium of Mitsui & Co, Ltd. and JOGMEC) each holding a 10% stake.
  • "So far all the partners...have been financing the project as per normal. None is delaying in funding it. The project is thus proceeding as planned," said CFO Xie Weizhi.
  • The project will have a total production capacity of 19.8mtpa from three trains. The first train is expected to start producing LNG at the end of this year with the second train previously expected in 2024 and a third train to start up by 2026.

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