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Japan and France set to freeze investment project in Russia!

Arctic LNG 2, a liquefied natural gas development project in the Russian Arctic, is to be suspended!

Japan and France are set to freeze new investment in the Project Arctic Lng 2,

as financial institutions have not been able to remit the money due to sanctions on Russia, the Nikkei reports.

Total Capital expenditures to launch the project, at full capacity is estimated to be worth of $21.3 billion equivalent

As financing is set to be delayed, the start of operations, initially scheduled for 2023, will be suspend, until further notice, Nikkei finds.

*Reuters tweet on Arctic LNG 2 Project


The project’s main shareholders are;

Novatek (NVTK) (60%),

France’s TotalEnergies (TTE) (10%),

Japan Arctic LNG, a consortium of Mitsui & Co (8031)

JOGMEC (10%), and

CNOOC (883) (10%).