PRESS: Foreign shareholders freeze participation in Arctic LNG-2

MOSCOW, Dec 25 (PRIME) -- The foreign shareholders of Russia’s liquefied natural gas Arctic LNG-2, which fell under the US sanctions in early November, have declared force majeure on participation in the project, Kommersant business daily reported on Monday citing sources in the government.

“The foreign shareholders of Arctic LNG-2 have declared force majeure on their contracts in the project due to the U.S. sanctions. …This means that the shareholders of the LNG plant have abandoned their obligations to finance it and fulfill their offtake contracts for LNG,” the daily reported.

The list of companies includes France’s TotalEnergies, China’s CNPC and CNOOC, as well as a consortium of Japan’s Mitsui and JOGMEC. Each of the foreign shareholders has 10% in Arctic LNG-2, while Russian gas producer Novatek owns 60%.

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