Russia's Novatek approves Arctic LNG 2 financing of $11bn by end-Q2
- The $21 billion project, which received final investment approval in 2019, is expected to be launched in 2023 and to reach full capacity of almost 20 million tonnes per year in 2026.
- Russia's Sberbank said in January it had approved financing of up to 3 billion euros ($3.5 billion) for the Arctic LNG 2.
MOSCOW: Shareholders of Russia's Novatek have approved external financing of $11 billion for the Arctic LNG 2 project, which is expected to start production of liquefied natural gas in 2023, the company's head Leonid Mikhelson said on Friday.
He said the fund-raising will be split three ways between Russia, China, and Japan and Europe combined.
The $21 billion project, which received final investment approval in 2019, is expected to be launched in 2023 and to reach full capacity of almost 20 million tonnes per year in 2026.
The project's equity partners include France's Total , China National Petroleum Corp, China's CNOOC and the Japan Arctic LNG consortium, made up of Mitsui & Co and state-owned JOGMEC, formally known as Japan Oil, Gas and Metals National Corp.
Russia's Sberbank said in January it had approved financing of up to 3 billion euros ($3.5 billion) for the Arctic LNG 2.
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