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
Russia's Novatek halts growth projects other than Arctic LNG 2 – Kommersant https://t.co/gNb9h16rY6 pic.twitter.com/qvecH4aLuS
— Reuters (@Reuters) March 25, 2022
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%).
