• 4 minutes Trump will meet with executives in the energy industry to discuss the impact of COVID-19
  • 8 minutes Charts of COVID-19 Fatality Rate by Age and Sex
  • 11 minutes Why Trump Is Right to Re-Open the Economy
  • 13 minutes Its going to be an oil bloodbath
  • 16 mins Ten days ago Trump sent New York Hydroxychloroquine. Being administered to infected. Covid deaths dropped last few days. Fewer on ventilators. Hydroxychloroquine "Cause and Effect" ?
  • 1 min US Shale Resilience: Oil Industry Experts Say Shale Will Rise Again
  • 19 mins Russia's Rosneft Oil is screwed if they have to shut down production as a result of glut.
  • 13 hours Mr
  • 22 hours While China was covering up Covid-19 it went on an international buying spree for ventilators and masks. From Jan 7th until the end of February China bought 2.2 Billion masks !
  • 1 hour ‘If it saves a life’: Power cut to 1.5 million Californians
  • 10 hours Free market or Freeloading off the work of others?
  • 1 day How to Create a Pandemic
  • 24 hours What If ‘We’d Adopted A More Conventional Response To This Epidemic?’
  • 11 hours Marine based energy generation
  • 17 hours Which producers will shut in first?
  • 10 hours China Takes Axe To Alternative Energy Funding, Slashing Subsidies For Solar And Wind

Breaking News:

WTI Slides On Huge Crude Inventory Build

Oil Price War: Is It Game Over For Trump?

Oil Price War: Is It Game Over For Trump?

As the U.S. government tries…

OPEC And Partners Eye A 3-Month Output Cut

OPEC And Partners Eye A 3-Month Output Cut

Countries part of the OPEC+…

Saudi Aramco Offers To Buy Into Russia’s Arctic LNG 2 Project

LNG vessel

Saudi Arabia’s oil giant Aramco has offered to buy a stake in Russia’s liquefied natural gas project Arctic LNG 2 and hopes that project operator Novatek will accept the offer, Saudi Arabia’s Energy Minister and chairman at Aramco, Khalid al-Falih, told Russian news agency TASS in an interview published on Monday.

Saudi Aramco has long been rumored to be considering buying a stake in the Arctic LNG 2 project.  

Asked about recent reports that Aramco has backed out of a possible deal for the Russian LNG project, al-Falih told TASS:

“No, no, this is not true. Aramco extended the offer and we hope that offer will be accepted by Novatek.”   

In April, Novatek signed agreements with two Chinese companies, under which the Asian firms will become shareholders in the Arctic LNG project with 10 percent each. Earlier this year, France’s Total, a partner of Novatek in the producing Yamal LNG project, signed a deal to buy a direct 10-percent interest in Arctic LNG 2.

The final investment decision on the Arctic LNG 2 project is expected to be made in the second half of 2019, while the first liquefaction train is planned to start up in 2023.

At the end of last week, Russia and Saudi Arabia held talks about investments worth tens of billions of U.S. dollars in various energy projects.  

Related: A New Trend In The Middle East? Oman Taxes Energy Drinks As Oil Income Falls

Apart from Arctic LNG 2, Aramco is looking at other projects in Russia, including potential projects with oil giant Rosneft and with natural gas giant Gazprom, as well as in petrochemicals, al-Falih told TASS.

Aramco could also be interested in some joint projects or even equity investment in Russia’s petrochemical company Sibur, “but the interest has to be from both sides. So we will wait for Sibur and its shareholders to express their interest in future cooperation,” al-Falih told TASS.

Referring to the OPEC+ production cut deal after the talks he held with Russia’s top officials last week, the Saudi energy minister told TASS that “I am fairly confident that from the OPEC side almost everyone agrees that we need to extend the Declaration of Cooperation,” adding that “So, I think the remaining country to jump onboard now is Russia.”   

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage




Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News