SUBSCRIBE
PROFILE

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.

Share:

Comprehensive energy news coverage, updated nonstop

Annual subscription

8.25$/month*

*billed annually at 99$/year for the first year then 149,00$/year ​

Unlimited access • Archives included • Professional invoice

SUBSCRIBE - 99$/year

OTHER ACCESS OPTIONS

Monthly subscription

Unlimited access • Archives included

5.2$/month*
then 14.90$ per month thereafter

FREE ACCOUNT

3 articles offered per month

FREE

*Prices are excluding VAT, which may vary depending on your location or professional status

Since 2021: 35,000 articles • 150+ analyses per week

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.

  • Popular on energynews.pro
Lithuania extends gas transit to Kaliningrad until 2030
Frontera signs $120mn crude oil deal with Chevron subsidiary
Vestas signs seven contracts in Germany totalling 273 MW of wind capacity
LG Energy Solution cancels $2.7bn deal with Freudenberg Battery Power
Indonesia cuts mining quotas to support coal and nickel prices
Sonatrach launches its 2026–2030 plan to support gas investments
In response to rising domestic demand, Sonatrach adopts a five-year plan focused on increasing production, securing infrastructure, and maintaining export commitments.
NU E Power raises $625,000 to accelerate energy projects in Canada and Asia
NU E Power Corp. closed a first financing tranche of $625,003 to support interconnection projects in Alberta and international feasibility studies, marking a new phase in the deployment of its energy infrastructure network.
Russian gas exports to Europe fall to 18 bcm, lowest level since the 1970s
Pipeline natural gas deliveries from Russia to the European Union dropped by 44% in 2025, reaching their lowest level in five decades following the end of transit via Ukraine.
Kraken raises $1 billion for tech independence amid global energy market shift
Octopus sells a minority stake in Kraken for $1 billion in a deal valuing the tech platform at $8.65 billion, initiating its spin-off and strengthening its position among international energy suppliers.
AltaGas signs five-year labour agreement for its propane export terminal
AltaGas has finalised a labour agreement with union ILWU Local 523B, ending a 28-day strike at its Ridley Island propane terminal, a key hub for Canadian exports to Asia.
Lebanon prepares to buy Egyptian gas to reduce fuel dependence
Lebanon engages in a memorandum of understanding with Egypt to import natural gas and support its electricity production, with infrastructure rehabilitation and active funding searches required to secure delivery.
SECI launches tender for power trading platform with five-year maintenance support
India’s public sector SECI seeks to outsource the design and management of an energy trading software platform, including technical support and human resources for five years at its New Delhi headquarters.
Woodside signs nine-year LNG supply deal with Turkish company BOTAŞ
Australian producer Woodside has signed a binding agreement with Turkish state-owned company BOTAŞ for the delivery of 5.8 billion cubic metres of LNG starting in 2030.
BayWa r.e. sells 2.2 GW of projects and prepares for independence by 2028
BayWa r.e. continues its strategic transformation with the sale of 2.2 GW of projects, a withdrawal from Asian markets, internal reorganisation, and a rebranding planned for 2026.
CB&I acquires Petrofac’s Asset Solutions business to strengthen global growth
CB&I acquires Petrofac's Asset Solutions division, targeting revenue diversification and geographic expansion, with nearly 3,000 new employees expected to join the group.
Condor raises $13.65mn to accelerate gas drilling programme in Uzbekistan
Condor Energies has completed a $13.65mn private financing to deploy a second drilling rig and intensify a 12-well gas programme in Uzbekistan scheduled for 2026.
Myanmar resumes LNG imports with first shipment since 2021
After a hiatus of more than four years, Myanmar has resumed liquefied natural gas deliveries, receiving a half-cargo in November to supply two state-funded power generation projects.
Nexans sells Autoelectric to Motherson for €207mn, completing its strategic shift
French group Nexans initiates the sale of its Autoelectric subsidiary to India’s Motherson for €207mn ($227mn), marking its full exit from non-electrification activities.
Davidson Kempner and Fortress take control of Bourbon to relaunch growth
Bourbon enters a new strategic phase following the arrival of Davidson Kempner and Fortress, who have become majority shareholders after a financial restructuring approved by the French courts.
Canberra imposes mandatory gas reserve to secure domestic supply
The Australian government will require up to 25% of gas extracted on the east coast to be reserved for the domestic market from 2027, in response to supply tensions and soaring prices.
Baker Hughes to supply six LM9000 turbines for Commonwealth LNG terminal
Baker Hughes will deliver six gas refrigeration trains for Commonwealth LNG’s 9.5 mtpa export project in Louisiana, under a contract with Technip Energies.
Shanghai Electric launches 625 MW upgrade to strengthen Iraq’s power grid
Shanghai Electric begins a combined-cycle expansion project across four Iraqi provinces, aiming to boost energy efficiency by 50% without additional fuel consumption.
Zefiro completes $1.5mn gas project in Pennsylvania and prepares $5mn operation in Louisiana
Zefiro Methane, through its subsidiary Plants & Goodwin, completes an energy conversion project in Pennsylvania and plans a new well decommissioning operation in Louisiana, expanding its presence to eight US states.
Armada joins Genesis programme to deploy sovereign compute power in the United States
US-based Armada has signed a memorandum of understanding with the Department of Energy to participate in the Genesis Mission, aimed at accelerating scientific research and reinforcing national energy and technology sovereignty.
France: the Council of State bans coalbed methane exploitation in Lorraine
The Council of State has cancelled the authorisation to exploit coalbed methane in Lorraine, citing risks to the region's main aquifer and bringing an end to a legal battle that began over a decade ago.

All the latest energy news, all the time

Annual subscription

8.25$/month*

*billed annually at 99$/year for the first year then 149,00$/year ​

Unlimited access - Archives included - Pro invoice

START - 99$/year

Monthly subscription

Unlimited access • Archives included

5.2$/month*
then 14.90$ per month thereafter

*Prices shown are exclusive of VAT, which may vary according to your location or professional status.

Since 2021: 30,000 articles - +150 analyses/week.