8/18/2023
(Reuters) — Russia’s Arctic-2 LNG project, in which China’s CNOOC Ltd. holds a 10% stake, is proceeding as planned with first phase to start operation during this year, senior company executives said on Friday.
Arctic-2 is led by Russian firm Novatek which holds a 60% stake. Other shareholders include French energy major TotalEnergies, China’s CNPC and Japan Arctic LNG — a consortium of Mitsui & Co. Ltd. and JOGMEC — each holding 10% stake.
“So far all the partners…have been financing the project as per normal. None is delaying in funding it. The project is thus proceeding as planned,” CFO Xie Weizhi said during an earnings briefing in Hong Kong that was also live streamed.
The remark is in line with earlier Chinese state energy companies’ positions to proceed with existing projects in Russia but refrain from pledging fresh investments.
