Womp Womp: Novatek "Fully Dependent" On Foreign Tech/Finance, Halts Huge Russian LNG Project
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Novatek is fully dependent on both investments and technology from its foreign partners, and the company might now ultimately have to halt the development of the Arctic LNG 2, the major natural gas project that is to deliver 19,8 million tons of LNG to the world markets. The first part of the project was to be ready by late 2023. That time schedule is now up in the air.
There is likely to be major consequences also for Novateks new plant in Murmansk, the Belokamenka yard, where LNG production platforms are manufactured. In addition, Novatek is unlikely to get ready the fleet of 15 new Arctic LNG carriers that is to shuttle between the LNG plant in Gydan Peninsula and markets in Asia and Europe. After South Korea imposed sanctions on VEB, the Zvezda Yard in Vladivostok is unlikely to be able to build the ships, Kommersant reports. South Korean yard Samsung Heavy Industries is key partner in the ship building project.
Novatek could ultimately also get into trouble at its Yamal LNG, the plant in the Yamal Peninsula that has been in operation since late 2017. The plant is heavily dependent on foreign technology and a major share of production is exported to Europe.
According to Kommersant, at least four tankers carrying LNG from Yamal are on their way to the U.K and France. However, they might not be allowed to deliver their shipments. Reportedly, the ships have now changed the status of their shipments to for orders, indicating that they might be looking for alternative buyers.
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https://thebarentsobserver.com/en/2022/03/russias-grand-arctic-lng-project-might-come-halt