Russia's Novatek suspends work on two LNG projects due to sanctions
Russian natural gas company Novatek has suspended work on the development of the Murmansk and Ob liquefied natural gas (LNG) projects due to pressure from western sanctions, the Kommersant newspaper reported on Monday.
"Due to the pressure of sanctions, the leader of the Russian LNG market, Novatek, is looking for alternative options for monetizing its gas reserves and revising promising export projects," Kommersant reported, citing sources familiar with the company's plans.
According to Kommersant's sources, no active work is underway on either of the large-tonnage Murmansk LNG and Ob LNG projects.
Construction for the Murmansk LNG project in Russia's Arctic, on the shore of the Kola Bay near Murmansk and the village of Belokamenka, was scheduled for 2027–2030.
The Ob LNG plant, adjacent to Yamal LNG on the Yamal Peninsula, in the north of Russia, is to have a capacity of 6 MMt, Kommersant reported.
In June, the European Union banned new investments, as well as the provision of goods, technologies and services necessary to complete the construction the LNG projects.
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