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 Monday.
The project, seen as a key element in Russia’s drive to boost its LNG global market share to 20 per cent by 2030 from 8 per cent, was already facing difficulties due to U.S. sanctions over the conflict in Ukraine and a lack of gas carriers.
China’s state oil majors CNOOC Ltd and China National Petroleum Corp (CNPC) each have a 10 per cent stake in the project, which is controlled by Novatek, Russia’s largest LNG producer and owner of a 60 per cent stake in the project.
