Russia looks for Asia LNG buyers to blunt Western sanctions' bite

Russia is boosting Arctic production of liquefied natural gas to counter growing competition from the U.S. while looking to Asia's major energy importers to buffer projects against Washington's ire.

Russian gas producer Novatek agreed on June 29 to sell a 10% stake in its Arctic LNG 2 terminal to Japanese trading house Mitsui & Co. and state-owned Japan Oil, Gas and Metals National Corp. Two Chinese companies -- China National Oil and Gas Exploration and Development Corp. and China National Offshore Oil Corp. -- have a 20% stake in the facility.

The terminal is scheduled to go online by 2023 and will supply Japan with 2 million tons of LNG annually -- about one-tenth of the facility's capacity.

Russia wants closer cooperation with Japan and China in developing natural gas reserves, and establishing more buyers in Asia will help insulate its companies against additional Western sanctions.

Read the full article and more in Nikkei Asian Review.