Saudi Arabia found a replacement for Russian gas production

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www.vsyako.netThe plant “Yamal LNG”Photo: Yekaterina Shtukina / RIA Novosti

The Russian gas company, NOVATEK, is close to agreement with Japan’s Mitsui&Co and Japan Oil, Gas and Metals National Corp. (JOGMEC) on the sale of shares in the project “Arctic LNG-2,” according to the Japanese newspaper Jiji Press. Previously from participation in the project refused the state company of Saudi Arabia Saudi Aramco.

It is reported that a framework agreement should be signed on June 6 in the framework of St. Petersburg international economic forum (SPIEF). We are talking about a deal to sell a 10 percent stake in “Arctic LNG 2”.

Controlled by the Japanese government, JOGMEC is reportedly planning to invest 1-2 billion dollars. Earlier it was reported about the interest in “Arctic LNG 2” other Japanese companies, including Mitsubishi Corp.

At the end of may it became known that the purchase of 10 percent in the project declined Saudi Aramco. As the reasons cited unfavorable conditions proposed by NOVATEK and the threat to fall under U.S. sanctions because of cooperation with the Russian project to export minerals.

Shareholder “Arctic LNG 2” is already France’s Total. Soon the transaction must be closed with a Chinese state-owned CNODC and SINOPEC. All of them will receive 10 percent. Initially, NOVATEK stated that it is willing to sell to foreign investors is not more than 40 percent in the project for the extraction and liquefaction of gas on the Peninsula Gydan.

Video, photo All from Russia.

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