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Russia’s Sanctioned Arctic LNG 2 Started Production: Novak

LNG

The first train of Russia’s Arctic LNG 2 project has started production, Russian Deputy PM Alexander Novak said in an interview, cited by Bloomberg, despite Novatek sending a force majeure notice to customers last week.

  • First shipments from the projects are expected in the first quarter of 2024, Novak said.
  • Novatek sent force majeure notices to some of the facility’s buyers as US imposed sanctions on the project are making it impossible to make shipments, sources said.
  • Novatek has had to halt shipments to contracted buyers but it can still sell cargoes on the spot market according to Chinese consultancy JLC.
  • Artic-LNG 2 has a planned capacity of 19.8m mt. While the first cargoes were planned in Q1 2024, analysts told Reuters that this will be delayed till at least Q2 2024.
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