Novatek's Arctic LNG project receives environmental approval
BY LUKAS I. ALPERT
MOSCOW -- Novatek said it has received environmental approval for a LNG project in the Arctic and that construction will begin soon.
Yamal LNG, a joint project with Total, is expected to produce its first gas at the start of 2017, with output eventually reaching 16.5 MMmtpa.
Last week, Novatek said it was in advanced talks with a number of potential clients, including China and India on selling LNG supplies from the Arctic project.
Novatek has been banking on Russia's government ending Gazprom's monopoly on gas exports and allowing other firms to sell LNG on foreign markets, which are more lucrative than Russia's. Last month, President Vladimir Putin instructed government officials to consider liberalizing exports to boost Russia's share of the global LNG market from 3.6%.
Dow Jones Newswires