NOVATEK considers additional contracts for LNG supplies to Japan
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Japan can annually receive more than 2 million tons of LNG from the Arctic LNG-2 plant, said Leonid Mikhelson, head of NOVATEK. According to him, in addition to this volume, which falls on the Japanese shareholders of the project, NOVATEK intends to supply LNG to Japan from its share.
“Unlike Yamal LNG, LNG is sold by partners in the Arctic LNG-2 project… The Japanese side has 10%, which is 2 million tons. They will be in the Japanese market for sure. But there are already contracts and contracts are being considered additionally from NOVATEK’s share in Japan,” he said (quoted by TASS).
Arctic LNG-2 is NOVATEK’s second LNG project. A consortium consisting of Mitsui & Co and the Japanese national oil and metals company JOGMEC retains a 10% stake in the project.
In May, Russian Consul General in Sapporo Sergey Marin declaredthat Japan has frozen new investments in Arctic LNG-2 since March 2022 due to sanctions. However, according to the diplomat, “if everything goes according to plan”, by 2026 Japan will increase purchases of Russian liquefied natural gas by 2 million tons per year, by 9%.
As Kommersant found out, the cost of the NOVATEK Arctic LNG-2 project has grown to about $25 billion from the originally announced $21.3 billion. The increase in costs is due to the transition to the use of electric drives on the second and third lines of the project and an increase in electricity needs. The increase in value will be covered by shareholder investment.
Details – in the material “Kommersant” “Arctic LNG-2 is getting more expensive”.
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