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July 14, 2019
Russia looks for Asia LNG buyers to blunt Western sanctions' bite
Source: Nikkei Asian Review
Journalist Tomoyo Ogawa
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.
Authors
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Elizabeth Rosenberg
Former Senior Fellow and Director, Energy, Economics and Security Program
Elizabeth Rosenberg is a former Senior Fellow and Director of the Energy, Economics, and Security Program at the Center for a New American Security. In this capacity, she publ...
