• 3 minutes Australian power prices go insane
  • 7 minutes Wind droughts
  • 11 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 6 hours Is Europe heading for winter of discontent with extensive gas shortages?
  • 51 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 5 hours What-If - Russia decided to take out the Saudi and Kuwait oilfields
  • 8 hours "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 2 days "As the Earth Cools, the Climate Change Hoax Heats Up" by Michelle Edwards
  • 6 hours PROFOUND ! "Russian Ruble relaunched linked to Gold and Commodities" by the famous Ronan Manly -- (NOTE the censorship by the MultiPolar New World Order of The Great Reset))
  • 1 day 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 1 day The United Nations' AGENDA 2030 - The vision for One World Governance ...an article by the famous Dr Robert Malone
  • 4 days "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"

Italy Halts Funding For $21 Billion Arctic LNG 2 Project

Italy has halted its share of the financing for the Arctic LNG 2 project, as Western companies and countries continue to sell their stakes in Russian energy projects, even absent of energy-related sanctions.

Tankers carrying Russian LNG to Europe have changed course, oil majors such as Shell, BP, and Exxon have pulled out of Russian oil projects at great expense, and now, Italy has suspended its financing for the Arctic LNG 2 project, owned by Russian gas producer Novatek.

The project, estimated at $21 billion, is just one of the many projects that is losing foreign backing, even though Russia’s energy exports have thus far been exempt from sanctions. Italy, fearing more sanctions, is now rethinking its loan to the project, which some estimate at $560 million. Italy had only recently decided to help finance the project. The loan for the project had not yet been dispersed.

The agreement to finance part of the project, however, remains intact.

The latest move highlights just how much of a pariah Russia has become on the world stage after its invasion of Ukraine, and could put a damper on some of Russia’s energy projects.

Arctic LNG 2 was destined to be up and running by 2023, reaching full capacity by 2026. Arctic LNG 2 is expected to produce 20 million tonnes of LNG annually.

In addition to Russia’s Novatek, Arctic LNG 2 shareholders include TotalEnergies, CNPC, CNOOC, and Japan Arctic LNG. TotalEnergies, with a 10% stake, is one European oil major that has not decided to quit its Russian operations.

The Arctic LNG 2 project was already controversial even before Russia’s invasion of Ukraine, with the European Parliament stating that it was concerned about EU members’ support of the project because it was not compatible with climate targets.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment
  • George Doolittle on March 03 2022 said:
    "totally broke Italy declares halt to funding!" absolutely.

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News