Waiting for Arctic LNG 2

Without sanctions relief, there is little reason to believe the latest potential attempt at exports from the Russian liquefaction project will be more successful than the one last summer

The departure of a carrier from Arctic LNG 2 on Russia’s Gydan Peninsula has led to speculation that Russian independent Novatek could be making a fresh attempt to jumpstart exports from the sanctions-stricken project. But with conditions much the same as when the company made its last effort a year ago, the odds of successfully shipping even a single cargo to a buyer appear slim. Novatek completed the first of Arctic LNG 2’s three 6.6mt/yr trains at the end of 2023 despite headwinds caused by sanctions. But fresh restrictions imposed by the Biden administration on the project directly ahead of its completion have prevented Novatek from exporting any gas since then. “Kpler does not exp