On Thursday, Russian Novatek has announced the launch of a major liquefied natural gas project in the Artic with Japanese, Chinese, and French partners. 

Novatek is the largest independent natural gas producer in Russia, claims that a “final investment decision” has been taken on financing the $21 billion Arctic LNG 2 Project with partners including CNPC and CNOOC of China,  French Total, and a Japanese Consortium. 

The announcement was made during the Russian Eastern Economic Forum (EEF) in Vladivostok, where Russian President Vladimir Putin is hosting the Asian leaders including Indian Prime Minister Narendra Modi and Japanese Prime Minister Shinzo Abe.

The Arctic LNG 2 will experience the development of the Utrenneye field and the developing of a natural gas liquefication plant on the Gydan Peninsula in the Arctic, Russia. 

The natural gas liquefication plant will have a potential of 19.8 million metric tonnes and its first exports are likely in 2023. 

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