Italy Halts Funding For $21 Billion Arctic LNG 2 Project re: Russia/Ukraine
Italy Halts Funding For $21 Billion Arctic LNG 2 Project
https://oilprice.com/Latest-Energy-News/World-News/Italy-Halts-Funding-For-21-Billion-Arctic-LNG-2-Project.html
Italy has halted its share of the financing for the Arctic LNG 2 project, as Western companies and countries continue to sell their stakes in Russian energy projects, even absent of energy-related sanctions.
Tankers carrying Russian LNG to Europe have changed course, oil majors such as Shell, BP, and Exxon have pulled out of Russian oil projects at great expense, and now, Italy has suspended its financing for the Arctic LNG 2 project, owned by Russian gas producer Novatek.
The project, estimated at $21 billion, is just one of the many projects that is losing foreign backing, even though Russia’s energy exports have thus far been exempt from sanctions. Italy, fearing more sanctions, is now rethinking its loan to the project, which some estimate at $560 million. Italy had only recently decided to help finance the project. The loan for the project had not yet been dispersed.
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