• 3 minutes China has *Already* Lost the Trade War. Meantime, the U.S. Might Sanction China’s Largest Oil Company
  • 7 minutes Saudi and UAE pressure to get US support for Oil quotas is reportedly on..
  • 11 minutes China devalues currency to lower prices to address new tariffs. But doesn't help. Here is why. . . .
  • 15 minutes What is your current outlook as a day trader for WTI
  • 16 hours In The Bright Of New Administration Rules: Immigrants as Economic Contributors
  • 10 hours Will Uncle Sam Step Up and Cut Production
  • 1 day Movie Script: Epstein Guards Suspected Of Falsifying Logs
  • 33 mins Domino Effect: Rashida Tlaib Rejects Israel's Offer For 'Humanitarian' Visit To West Bank
  • 11 hours Trump vs. Xi Trade Battle, Running Commentary from Conservative Tree House
  • 14 hours Continental Resource's Hamm (Trump Buddy) wants shale to cut production.Can't compete with peers. Stock will drop in half again.
  • 1 day Significant: Boeing Delays Delivery Of Ultra-Long-Range Version Of 777X
  • 3 hours Gretta Thunbergs zero carbon voyage carbon foot print of carbon fibre manufacture
  • 7 hours NATGAS, LNG, Technology, benefits etc , cleaner global energy fuel
  • 2 days I think I might be wrong about a 2020 shakeout
  • 2 days Kremlin Says WTO's Existence Would Be In Doubt If the U.S., Others Left
  • 1 day Why Oil is Falling (including conspiracy theories and other fun stuff)
  • 51 days To be(lieve) or Not To be(lieve): U.S. Treasury Secretary Says U.S.-China Trade Deal Is 90% Done
Alt Text

Kurdistan’s Massive Gas Reserves No One Knows About

The announcement of independent driller…

Alt Text

Is Big Oil's Natural Gas Bet Turning Sour?

Big Oil has been piling…

RFE/RL staff

RFE/RL staff

RFE/RL journalists report the news in 21 countries where a free press is banned by the government or not fully established. We provide what many…

More Info

Premium Content

Putin Inaugurates $27 Billion LNG Arctic LNG Plant

Russian President Vladimir Putin has inaugurated a $27 billion liquefied natural gas (LNG) plant on the Yamal Peninsula above the Arctic Circle, part of a joint project of Russian, French, and Chinese companies.

Putin watched at the port of Sabetta as the first gas shipment was loaded onto an ice-breaking tanker.

The plant, which began operations on December 5, is a joint venture between Russian gas company Novatek, France's Total, and China's CNPC.

When completed, the project will include three production facilities with a capacity of 16.5 million tons a year by the start of 2019, as Russia looks to surpass Qatar as the world's biggest LNG exporter. Initial capacity will be 5.5 million tons a year.

"It is a great day for us," Putin said at the official ceremony. "It is a large-scale project for Russia."

Total chairman and CEO Patrick Pouyanne, hailed the facility -- at a site some 2,500 kilometers northeast of Moscow and covered by ice most of the year -- as a success.

"Together we managed to build from scratch a world-class LNG project in extreme conditions to exploit the vast gas resources of the Yamal peninsula," he said in a statement.

The project will officially be run by the Yamal LNG company, with 50.1 percent owned by Novatek, 20 percent by Total, 20 percent by CNPC, and 9.9 percent by the Silk Road Fund, a Chinese state-owned investment fund.

Several of Novatek’s subsidiaries are under U.S. financial sanctions, which made it difficult to secure international financing for its part of the project and forcing the company to turn to Chinese partners for funding.

The United States imposed the sanctions as part of its response to Moscow's activities in Ukraine.

Russia annexed Ukraine’s Crimea region in 2014 and has backed separatists fighting Kyiv’s government forces in a war that has killed more than 10,000 people since it began in April 2014.

By RFE/RL

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage


Leave a comment
  • Godfree Roberts on December 09 2017 said:
    'Russia annexed Ukraine’s Crimea region in 2014 and has backed separatists fighting Kyiv’s government forces in a war that has killed more than 10,000 people since it began in April 2014.'

    Rubbish. Russia didn't annex Crimea. Nor has it backed separatists fighting Kyiv’s government forces.

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play