Investors freeze participation in Arctic LNG 2

Major project: A concrete gravity-based structure of Arctic LNG 2 under construction in a dry dock near the settlement of Belokamenka. The project is seen as a key element in Russia’s drive to boost its LNG global market share to 20% by 2030 from 8%. — Reuters

MOSCOW: Foreign shareholders suspended participation in the Arctic LNG 2 project due to sanctions, renouncing their responsibilities for financing and for offtake contracts for the new Russian liquefied natural gas (LNG) plant, reports the daily Kommersant.

The project, seen as a key element in Russia’s drive to boost its LNG global market share to 20% by 2030 from 8%, was already facing difficulties due to US sanctions over the conflict in Ukraine and a lack of gas carriers.