Russia's Arctic-2 LNG Set to Start Production During 2023, CNOOC Says
(Reuters) — Russia's Arctic-2 LNG project, in which China's CNOOC Ltd. holds a 10% stake, is proceeding as planned with first phase to start operation during this year, senior company executives said on Friday.
Arctic-2 is led by Russian firm Novatek which holds a 60% stake. Other shareholders include French energy major TotalEnergies, China's CNPC and Japan Arctic LNG — a consortium of Mitsui & Co. Ltd. and JOGMEC — each holding 10% stake.
"So far all the partners...have been financing the project as per normal. None is delaying in funding it. The project is thus proceeding as planned," CFO Xie Weizhi said during an earnings briefing in Hong Kong that was also live streamed.
The remark is in line with earlier Chinese state energy companies' positions to proceed with existing projects in Russia but refrain from pledging fresh investments.
Related News
Related News
- Poland Detects Leak in Russia's Druzhba Oil Pipeline
- Magellan Midstream Approves $18.8 Billion Sale to ONEOK, Creating Major U.S. Pipeline Player
- Energy Transfer to Buy Crestwood in $7.1 Billion Pipeline Deal
- DT Midstream Successfully Completes Phase 1 LEAP Expansion Ahead of Schedule
- South Dakota Denies Permit for Summit Carbon Solutions' 495-Mile CO2 Pipeline Segment
- Canada Looking to Sell Trans Mountain Pipeline Stake to Indigenous Groups
- Energy Transfer to Buy Crestwood in $7.1 Billion Pipeline Deal
- Criteria to Consider in Selecting Water Transfer Flow Meters
- US Energy Firm Payouts to Oil Investors Top Exploration Spending for First Time
- DT Midstream Successfully Completes Phase 1 LEAP Expansion Ahead of Schedule
Comments