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Mitsui Assessing Year End Start to Arctic LNG 2 Export Project

LNG

Mitsui is checking the impact of recent sanctions on the Arctic LNG 2 export project in Russia to assess whether the project will be able to start by year-end according to CFO Tetsuya Shigeta.

  • Earlier this month Russia’s Deputy PM Alexaner Novak said the first train of the Artic-LNG 2 plant will be completed by 2023 year-end, with first shipments to begin in early 2024, according to TASS.
  • US sanctions on the use of Russian transshipment terminals for LNG in Kamchatka and Murmansk are creating logistical difficulties for Japan’s planned deliveries from the facilities.
  • 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.

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