Russia's Arctic-2 LNG set to start production during 2023, CNOOC says - Reuters.com

Russia's Arctic-2 LNG set to start production during 2023, CNOOC says | Reuters

Russia's Arctic-2 LNG set to start production during 2023, CNOOC says

A view shows a gravity-based liquified natural gas platform at the Center for the construction of large-tonnage offshore structures (CSCMS) of Novatek-Murmansk company in the village of Belokamenka, Murmansk Region, Russia July 20, 2023. Sputnik/Alexey Babushkin/Kremlin via REUTERS Acquire Licensing Rights

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SINGAPORE, Aug 18 (Reuters) - Russia's Arctic-2 LNG project, in which China's CNOOC Ltd (0883.HK) holds a 10% stake, is proceeding as planned with first phase to start operation during this year, senior company executives said on Friday.

Arctic-2 is led by Russian firm Novatek (NVTK.MM) which holds a 60% stake. Other shareholders include French energy major TotalEnergies (TTEF.PA), China's CNPC and Japan Arctic LNG - a consortium of Mitsui & Co, Ltd. (8031.T) and JOGMEC - each holding 10% stake.

"So far all the partners...have been financing the project as per normal. None is delaying in funding it. The project is thus proceeding as planned," chief financial officer Xie Weizhi told an earnings briefing in Hong Kong that was also live streamed.

The remark is in line with earlier Chinese state energy companies' positions to proceed with existing projects in Russia but refrain from pledging fresh investments.

Reporting by Chen Aizhu and Andrew Hayley; Editing by Toby Chopra

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