Russia and China Collaborate on New Arctic LNG Project
Russia and China are jointly developing a liquefied natural gas (LNG) project in the Arctic, according to Russian Deputy Prime Minister Alexander Novak. During a meeting of the Russian-Chinese intergovernmental commission on energy cooperation, Novak mentioned that a joint project to extract and liquefy gas in the Arctic zone is under development.
The Eastern Economic Forum is being held from September 1-4 in Vladivostok, where this new project is expected to be discussed further. Earlier, Russian Energy Minister Sergey Tsivilyov said Chinese companies were discussing participation in Novatek's new projects.
China's CNPC and CNOOC each hold a 10% stake in Novatek's Arctic LNG 2 project, while CNPC and the Silk Road Fund hold 20% and 9.9% stakes respectively in the Yamal LNG project.