NOVATEK warned customers about force majeure with Arctic LNG-2 – Kommersant
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NOVATEK sent customers a notice of force majeure related to LNG supplies from the Arctic LNG-2 project, Reuters reported, citing sources. According to the agency, Chinese companies Shenergy Group and Zheijang Energy, as well as the Spanish Repsol, received the notification.
Reuters notes that the force majeure is likely related to sanctions imposed by the United States in November. The agency writes that they are the ones who threaten the start of supplies within the Arctic LNG-2 project. The first line of the project, with a volume of 6.6 million tons, was planned to reach full capacity in the first quarter of 2024.
After reports of force majeure, NOVATEK shares accelerated their decline by Moscow Exchange. By 17:15 Moscow time they decreased by 4.4%, to 1,464 rubles. – to the level of a week ago. As of 18:13 Moscow time, shares decreased by 3.76%, to 1,473 rubles. Trading volume by this time exceeded 3.7 billion rubles.
On November 2, the United States introduced sanctions that would ban all operations with Arctic LNG 2. At the same time, a special OFAC license, until January 31, 2024, allows certain transactions necessary for the “disposition, transfer, or assistance in the alienation or transfer of debt or assets” of a company. In September
Arctic LNG-2 is a large NOVATEK LNG export project located near the northwestern coast of the Gydansky Peninsula in the Tazovsky region of Yamal. Construction is being carried out by Arctic LNG-2 LLC. NOVATEK owns 60% of the shares of this company. France’s TotalEnergies, China’s CNPC and CNOOC and a consortium of Japan’s Mitsui and JOGMEC each own 10% of the shares.
Read more in the Kommersant article. “NOVATEK overcomes sanctions”.
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