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Arctic LNG 2 will be built without French financing

Novatek announces that French export credit agencies will not contribute to the financing of the Russian Arctic LNG 2 project.|Novatek announces that French export credit agencies will not contribute to the financing of the Russian Arctic LNG 2 project.

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Novatek has announced that French export credit agencies will not contribute to the financing of the Russian Arctic LNG 2 project, as previously planned, but the project will receive the necessary funds this year.

Novatek receives funding for Arctic LNG 2 project

Earlier this year 2021, shareholders of Russia’s Novatek approved $11 billion in external financing for the Arctic LNG 2 project, which is scheduled to start producing liquefied natural gas (LNG) in 2023.
According to a document consulted by Reuters in 2020, this amount included $700 million from French credit agency Bpifrance.

Technological failures at Yamal LNG

Mr. Mikhelson also said that Russian-made equipment designed for the fourth line of the existing Yamal LNG plant was not working properly due to technological failures.

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