Report: Japan’s Mitsubishi not to invest in Arctic LNG-2

MOSCOW, Aug 1 (PRIME) -- Japan’s Mitsubishi Corporation will not invest in the Arctic LNG-2 liquefied natural gas project of Russian independent gas producer Novatek, Bloomberg reported on Thursday quoting a statement of Mitsubishi CFO Kazuyuki Masu.

Bloomberg also said that Masu did not provide a reason for the decision.

In early July, Reuters reported quoting a statement of Japan’s Mitsui that the company and JOGMEC were in talks with Mitsubishi Corporation to join a venture that will take a stake in the Arctic LNG-2.

The Arctic LNG-2 plant will be launched in 2023–2025 and fields of the Gydan Peninsula in the north of West Siberia will become its resource base. Novatek holds 60% in Arctic LNG-2, while France’s Total has 10%, China’s CNPC and CNOOC own 10% each, and the consortium of Mitsui and JOGMEC has 10%.

End