• 4 minutes Mueller Report Brings Into Focus Obama's Attempted Coup Against Trump
  • 7 minutes Countries with the most oil and where they're selling it
  • 10 minutes Stack gas analyzers
  • 13 minutes What Would Happen If the World Ran Out of Crude Oil?
  • 11 hours US Military Spends at least $81 Billion Protecting OPEC Persian Gulf Oil Shipping Lanes (16% DoD Budget)
  • 3 hours "Undeniable" Shale Slowdown?
  • 4 mins Climate Change Protests
  • 39 mins China To Promote Using Wind Energy To Power Heating
  • 26 mins How many drilling sites are left in the Permian?
  • 21 hours Oil at $40
  • 12 hours U.S. Refiners Planning Major Plant Overhauls In Second Quarter
  • 12 hours Gas Flaring
  • 2 hours Mueller Report Brings Into Focus Trump's Attempts to Interfere in the Special Counsel Investigation
  • 16 hours Japan’s Deflation Mindset Could Be Contagious
  • 1 day Ecoside
  • 20 hours Negative Gas Prices in the Permian
  • 2 days Trudeau Faces a New Foe as Conservatives Retake Power in Alberta

Breaking News:

Guaido Takes Strides To Topple Maduro

Alt Text

Environmentalists’ “Bomb Train” Concerns Are Overblown

President Trump’s executive order aimed…

Alt Text

The Tipping Point In Trump’s Quest For Energy Dominance

Trump’s latest executive order to…

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

Trending Discussions

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

Trending Discussions


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