Foreign shareholders suspended participation in the Arctic LNG 2 project due to sanctions, renouncing their responsibilities for financing and for offtake contracts for the new Russian liquefied natural gas (LNG) plant, the daily Kommersant reported on December 25. The project, seen as a key element in Russia's drive to boost its LNG global market share to 20 percent by 2030 from 8 percent, was already facing difficulties due to U.S. sanctions over the conflict in Ukraine and a lack of gas carriers. The newspaper said the suspension may lead to Arctic LNG 2 losing its long-term contracts on LNG supplies.
Foreign Shareholders Freeze Participation In Russia's Arctic LNG 2, Says Kommersant
Wellhead equipment at a resource base for the Arctic LNG 2 project Russia's Gydan Peninsula on the Kara Sea. (filephoto)