Peskov did not comment on the refusal of foreign shareholders from Arctic LNG-2

Press Secretary of the Russian President Dmitry Peskov redirected to NOVATEK (MOEX: NVTK) the question of how freezing the participation of foreign investors in the Arctic LNG-2 project will affect its implementation. Kommersant reported about the declaration of force majeure by foreign shareholders under the contracts in the project.

“It’s unlikely that we can say anything on behalf of a commercial project. Especially international. And we won’t do this. Therefore, we recommend contacting the company,” said a Kremlin representative during a press call.

Arctic LNG 2 is NOVATEK’s second major LNG export project. November 2 he hit under US sanctions, which include a ban on all operations with Arctic LNG-2. At the same time, a special OFAC license, until January 31, 2024, allows certain transactions necessary for “the alienation, transfer or facilitation of the alienation, or transfer of debt or assets” of the company.

As sources told Kommersant, the French TotalEnergies, the Chinese CNPC and CNOOC and the consortium of the Japanese Mitsui and JOGMEC (each owning 10% in the project) declared force majeure under their contracts, that is, they refused responsibilities for financing and fulfilling offtake contracts for LNG. Last week Reuters reportedthat NOVATEK has sent notices of force majeure to customers regarding the supply of LNG from its portfolio.

Read more in the Kommersant article. “”Arctic LNG-2” is now on its own”.

Lusine Balasyan