The State Duma in the second reading approved the export of LNG from the Arctic fields of Rosneft
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The State Duma in the second reading adopted a bill allowing the export of liquefied natural gas (LNG) to users of the subsoil of the Arctic part of the Krasnoyarsk Territory, the Nenets and Yamalo-Nenets Autonomous Okrug. This applies to about 36 fields that belong to Rosneft (MOEX: ROSN), follows from the materials of the draft law in the electronic database parliament.
According to the text of the bill, the state’s share in the authorized capital of companies that develop these deposits must exceed 50%. It also exempts operations for bunkering ships with liquefied natural gas from the scope of the Gas Export Law.
The listed oil fields, as stated in the explanatory note, are remote from the Unified Gas Supply System, so it is economically feasible to monetize gas through the production of LNG. Prime Minister Mikhail Mishustin said in March that the bill would allow annual LNG production to be increased to 100 million tons in seven years.
Among Russian companies, Gazprom has the right to export LNG (MOEX: GAZP), Gazprom Export, Gazprom Gas-Oil Product Holding, Rosneft, as well as subsidiaries of NOVATEK (MOEX: NVTK) – “Yamal LNG”, “Arctic LNG 1”, “Arctic LNG 2” and “Arctic LNG 3”.
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