Saipem Enters Negotiations to End Arctic LNG 2 Project Contracts
(Reuters) — Saipem is in talks to end two contracts related to Russia's $21-billion Arctic LNG 2 project led by Moscow-listed gas producer Novatek, the Italian energy services group said in its interim financial statement.
Saipem said its backlog in Russia amounted to approximately 1.4 billion euros ($1.43 billion) and consisted only of these two projects related to the building of an LNG project in the Arctic.
Saipem entered one of these contracts in joint-venture with Turkey's Ronesans and the second with France's Technip TE.PA.
Technip said at the end of July it was seeking an "orderly exit" from the Arctic LNG 2 project.
Before the Ukraine conflict, Arctic LNG 2 was expected to be launched in 2023 and reach full production capacity of almost 20 million tonnes of LNG a year in 2026.
The chief executive of Novatek said in June the company aimed to start the first line of its Arctic LNG 2 project in 2023.
Russia has increased pressure on investors in its two Pacific energy projects which once helped Moscow rebuild its economy, blaming Exxon Mobil for falling oil output at Sakhalin-1 and giving shareholders of Sakhalin-2 a month to claim their stakes.
($1 = 0.9809 euros)
Related News
Related News
- Freeport LNG Plant Runs Near Zero Consumption for Fifth Day
- Biden Administration Buys Oil for Emergency Reserve Above Target Price
- Mexico Seizes Air Liquide's Hydrogen Plant at Pemex Refinery
- Kinder Morgan Declares Force Majeure on West Texas Gas Pipeline After Fire
- Enbridge Picks Contractors for Great Lakes Tunnel Project, Securing Line 5 Pipeline Route
- Pipeline Hydro Test Pressure Determination
- Venezuela Proposes Alternative Payment Plan as Weak Bids Surface in Citgo Auction
- Baker Hughes Wins Contract for Huge Aramco Gas Expansion Project
- Japan Looks at Developing Domestic Pipelines Sector
- Enbridge Picks Contractors for Great Lakes Tunnel Project, Securing Line 5 Pipeline Route
Comments