CEO: Novatek to launch 1st line of Arctic LNG 2 in 2023

ST. PETERSBURG, Jun 15 (PRIME) -- Russian gas producer Novatek plans to launch the first line of the Arctic LNG 2 liquefied natural gas (LNG) project in 2023, CEO Leonid Mikhelson said at the St. Petersburg International Economic Forum on Thursday.

"We will tow to the resource base and launch the first line of our project Arctic LNG 2 this year," he said.

According to the executive, the launch of new LNG facilities will reduce gas prices and will stabilize the global market, as global demand is to rise.

At the same time, demand for gas in Europe is not to increase significantly, because energy needs will be mostly met by the renewable sources.

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