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30 June 2022 The on-line newspaper devoted to the world of transports 02:39 GMT+2

May 23, 2022

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Original news
Chinese companies involved in Arctic LNG 2 could withdraw from the Russian gas extraction project

Novatek confirms the considerable difficulties caused by the Sanctions

Also the Chinese companies involved in the Arctic LNG 2 project of the Russian Novatek for the construction of a plant for the extraction of natural gas and related facilities in the Gydan Peninsula, Russia, could give up continuing the own participation in the project due to the sanctions imposed to Russia from the West for the invasion of Ukrainian territory by part of moscow's troops. He made it known on Friday on Hong Kong newspaper "South China Morning Post" explaining that at least five Chinese companies could discontinue by the end of this month the production of modules for the project.

The newspaper specified that the modules are built by Chinese companies such as Bomesc Offshore Engineering Co. COSCO Shipping Heavy Industry Co., la Penglai Jutal Offshore Engineering Heavy Industries Co. (PJOE), Wison Offshore & Marine and Qingdao McDermott Wuchan (QMW), the latter a joint venture venture between the US McDermott and the Chinese China State Shipbuilding Corporation (CSSC). The "South China Morning Post" , citing a Bomesc source, specified that a decision to withdraw from the project has not yet been hired and Bomasc continues to remain in close contact with the parties involved given that the situation is changing day by day.

From the project, which is the second largest of the Novatek after the Yamal LNG plant, the European companies, starting with the French TotalEnergies that through the parent company Total owns 10% of the capital of Arctic LNG 2 developing the project, consortium that is also participated by Novatek (60%), the Chinese CNPC (10%) and CNOOC (10%) and Japan Arctic LNG (10%), a joint venture between the Japanese Mitsui and Jogmec. The cost of carrying out the project is estimated at $21 billion.

Meanwhile, the president of the board of directors of Novatek, Leonid Mikhelson, confirmed that, if the first line of the three lines of the project, each with a capacity of about 6.6 million gases natural liquefied per year, it is almost completely built, currently very significant difficulties have arisen due to the introduction of sanctions. This was reported yesterday on Russian newspaper "Kommersant" making known statements by Mikhelson on the occasion of his speech by Thursday at the federal educational marathon "New Horizons", held in Moscow, organized by the company Russian Knowledge. Mikhelson explained that such difficulties caused by sanctions do not only affect products and services, but they are also logistical.

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