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Free AccessFirst Train of Arctic-2 LNG Project Proceeding as Planned
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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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.