International lenders back $9.5 billion financing for Russia's Arctic LNG 2
International lenders have lined up about $9.5 billion (7.33 billion pounds) in financial support for a Russian Arctic LNG project, according to documentation, even as such projects come under greater scrutiny over climate concerns.
The $21 billion project, which received final investment approval a year ago, is expected to be launched in 2023 and to reach its full capacity of almost 20 MM tonnes per year in 2026.
While the energy industry touts natural gas as a cleaner alternative to coal or crude, it is a source of carbon emissions and critics say LNG projects are hard to reconcile with the transition to low-carbon economy envisaged in the Paris climate agreement and the European Union's Green Deal economic plan.
The interest of international institutions, however, gives a boost for the Arctic LNG 2 development, led by Russian non-state company Novatek, as Moscow's plans to raise its share in the global LNG market.
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