Russian President Vladimir Putin on Thursday inaugurated the first line of Arctic LNG 2, a massive liquefied natural gas (LNG) project in the Murmansk Arctic, from which the French company TotalEnergies is due to retire in 2022AFP writes.
Putin inaugurates Arctic LNG 2Photo: Alexander Kazakov/AFP/Profimedia
“The order for the transportation of the first processing line of the LNG facility is ready. I request permission to start sea transportation operations,” an operator said at the launch, which was broadcast on Russian television.
“Permission granted,” replied Putin, who pulled the lever, along with Leonid Mikhelson, head of giant Novatek.
The $21 billion project is located on the Gydan Peninsula, about 30 kilometers from the first giant LNG facility on the Yamal Peninsula, which became operational in 2017.
The project is expected to achieve an LNG production capacity of 19.8 million tonnes per annum through three production lines.
After the start of the Russian offensive in Ukraine, the French company TotalEnergies announced that it would stop financing Arctic LNG 2 in 2022, in which Novatek holds a 60% stake with Chinese CNPC and CNOOC and Japan Arctic LNG with the Japanese.
Arctic LNG 2 is one of the key projects in Russia’s planned exploitation of the “Northern Sea Route” connecting Asia to Europe.
Moscow hopes that this Arctic route, made possible by global warming and melting ice, could compete with the Suez Canal for hydrocarbon trade in the future.
“Evil gamer. Amateur music trailblazer. Alcohol geek. Problem solver. Coffee advocate. Troublemaker. Infuriatingly humble zombieaholic.”