TotalEnergies announced the suspension of construction of the third line of Arctic LNG-2
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The French energy company and one of the shareholders of the Arctic LNG-2 project, TotalEnergies, has suggested that construction of the third line of the plant has been suspended. At the same time, the second line will be launched, said the head of the company, Patrick Pouyanne.
“As I understand it, they intend to launch the second line, the third line, in my opinion, is suspended, as I understand it, but the second line, it seems, should work,” Mr. Pouyanne said at a teleconference (quoted from TASS).
He added that the market for LNG supplies from the project will not be Europe, but other regions. Patrick Pouyanné clarified that he could not give more information, since TotalEnergies is no longer part of the project management. According to him, the company introduced force majeure due to the risks of introducing secondary sanctions.
Construction of the third line of Arctic LNG-2 began in October 2023 in the village of Belokamenka, Murmansk region. The capacity of each line of the project is 6.6 million tons per year, the volume of stable gas condensate is up to 1.6 million tons per year. NOVATEK Company (MOEX: NVTK), which owns Arctic LNG-2, reported that the opening of all lines should take place before 2026.
In November 2023, Arctic LNG 2 came under sanctions. In December NOVATEK warned customers about force majeure related to deliveries.
Read more in the Kommersant article. “Arctic LNG-2 is now on its own”.
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