Saudi Arabia to Invest $5bn in Russia’s future LNG project in Arctic

Riyadh is ready to invest $5 billion in the LNG 2 (liquefied natural gas) project in the Russian Arctic. Earlier, the Saudi’s were considering the possibility of becoming the second biggest investor in the project led by Novatek, Russia’s biggest independent gas producer.

French energy giant Total, which holds a 19-percent stake in Novatek and participates in developing the company’s first LNG project in Yamal, announced plans to buy a 10-percent stake in Arctic LNG 2 enterprise, which could reportedly be worth around $25.5 billion.

The project also attracted a lot of interest from international partners, including Chinese national oil and gas major CNPC, energy giant Saudi Aramco, South Korean public natural gas company KOGAS.

The first train expected to start up by the end 2023. Arctic LNG 2 is a giant liquefied natural gas project on the Gydan Peninsula in Northern Siberia. Arctic LNG 2 production will be delivered to international markets in the same way as the Yamal LNG project. A fleet of ice-class LNG carriers, which will be able to use Russia’s Northern Sea Route, will deliver LNG cargoes destined for Asia.

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