Novatek closes in on Arctic LNG 2
FID on Novatek’s second Arctic LNG production project, expected in Q3 2019, appears to be a formality
The rule that a new multi-billion-dollar energy project cannot truly be regarded as under way until its sponsors have reached a final investment decision (FID) does not seem to apply to Novatek's Arctic LNG 2 (ALNG2). FID on the 19.8mn t/yr Russian liquefaction project is not due until Q3 but construction has been underway for months. It is not just the case that a handful of long-lead time items were ordered well in advance to ensure they do not cause unnecessary delays once construction begins-a large chunk of the $20-21bn project cost has already been committed. "More than 75pc of the equipment for the project" has been contracted, says Novatek's deputy chairman, Mark Gyetvay, adding that
Also in this section
3 February 2026
Sector’s success depends on ‘constant innovation and optimisation’, Mel Ydreos tells delegates as he warns against complacency and urges industry to keep pushing boundaries
3 February 2026
Industry leaders at LNG2026 in Doha make the case for a critical role for natural gas in the global energy mix for decades to come
3 February 2026
Catch up on the highlights of the LNG2026 conference in Doha, Qatar, with the second show daily
2 February 2026
The first edition of LNG2026's Official Show Daily, produced by Official Media Partner Petroleum Economist, is now online.
