Petronet LNG, OVL in talks to buy stake in Russia’s Arctic LNG 2 project

Petronet LNG, OVL in talks to buy stake in Russia’s Arctic LNG 2 project

08 Sep 2021

India’s energy companies ONGC Videsh (OVL) and Petronet LNG are reportedly in talks to acquire a stake in Arctic LNG 2. The firms are planning to buy a 9.9% stake from Russia’s LNG producer Novatek PJSC, reported the Press Trust of India (PTI).

The Arctic LNG 2 project, which is being developed with a US$21.3bn investment, includes the construction of three LNG trains with a combined LNG capacity of 19.8Mtpa and about 1.6Mtpa of stable gas condensate.

Led by Russia’s Novatek with a 60% stake, the project also includes France's Total Energy, China National Petroleum Corporation and CNOOC, each holding 10% of the shares. A Japanese consortium owns the remaining 10%.

The project is expected to begin production from the first train in 2023.

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