Foreign shareholders suspended participation in the Arctic LNG 2 project due to sanctions, renouncing their responsibilities for financing and for offtake contracts for the new Russian liquefied natural gas (LNG) export plant, the daily Kommersant reported on Monday. China’s state oil majors CNOOC Ltd and China National Petroleum Corp (CNPC) each have a 10% stake in the project, which is controlled by Novatek, Russia’s largest LNG producer and owner of a 60% stake in the project.
About the Author
