VLADIVOSTOK: The US$21bil Arctic liquefied natural gas (LNG)-2 project led by Russian private gas producer Novatek won a green light yesterday, the latest in a raft of new projects aimed at meeting a likely doubling of LNG demand over the next 15 years.
Arctic LNG-2 is expected to launch in 2023 and would aim to export 80% of its LNG to Asia, Novatek chief executive Leonid Mikhelson, Russia’s richest businessman according to Forbes magazine, said after the project’s partners signed a final investment decision (FID) at an economic forum.