Japan´s Mitsubishi decided not to invest in Russia’s Arctic LNG 2 project

Tokio, August 2 - Neftegaz.RU. Japan´s Mitsubishi decided not to invest in Novatek’s Arctic LNG 2 project after conducting comprehensive studies, reports Reuters quoting the company’s Chief Financial Officer Kazuyuki Masu as saying at a news conference on August 1.

The Arctic LNG 2 project has made significant development progress since May 2018. Front-end engineering and design (FEED) work has been completed in October confirming the preliminary cost estimates between $20 billion and $21 billion.

The Arctic LNG 2 project envisages constructing three LNG trains at 6.6 million tons per annum each, using gravity-based structure (GBS) platforms.

The project is based on the hydrocarbon resources of the Utrenneye field. This is the 2nd large-scale LNG project led by NOVATEK, after Yamal LNG.

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