International lenders back $9.5 billion financing for Russia's Arctic LNG 2
International lenders have lined up about $9.5 billion (7.33 billion pounds) in financial support for a Russian Arctic LNG project, according to documentation, even as such projects come under greater scrutiny over climate concerns.
The $21 billion project, which received final investment approval a year ago, is expected to be launched in 2023 and to reach its full capacity of almost 20 MM tonnes per year in 2026.
While the energy industry touts natural gas as a cleaner alternative to coal or crude, it is a source of carbon emissions and critics say LNG projects are hard to reconcile with the transition to low-carbon economy envisaged in the Paris climate agreement and the European Union's Green Deal economic plan.
The interest of international institutions, however, gives a boost for the Arctic LNG 2 development, led by Russian non-state company Novatek, as Moscow's plans to raise its share in the global LNG market.
- Freeport LNG export plant in Texas to take in more natgas after unit shut on Monday
- LNG cool-down vessel arrives at ExxonMobil's Golden Pass plant in Texas
- Freeport LNG export plant in Texas reports shutdown of liquefaction train
- TotalEnergies and Mozambique announce the full restart of the $20-B Mozambique LNG project
- Five energy market trends to track in 2026, the year of the glut
Comments