6 Sep 2019 10:31

Russia invites Singaporean cos to participate in Arctic LNG 2 project

VLADIVOSTOK. Sept 6 (Interfax) - Russia is inviting Singaporean companies to take part in the Arctic LNG 2 project, Deputy Prime Minister Maxim Akimov told reporters on the sidelines of the Eastern Economic Forum on Friday.

"We are really counting on the interest of Singaporean partners in the Arctic LNG 2 project," Akimov said after a meeting of the Russian-Singaporean intergovernmental commission.

Commenting on the Russian president's order to the government to work out the issue signing long-term contracts for cargo shipments along the Northern Sea Route with cargo owners by September, Akimov said this work is underway.

"Novatek , as far as I know, signed a number of agreements and plans to have a presence on Singapore's market, because this is the biggest trading hub," Akimov said.

Singapore's state fund Temasek has shown an interest in investing in the LNG transhipment terminals that Novatek plans to build at either end of the Northern Sea Route, in Murmansk and on the Kamchatka Peninsula, according to Interfax sources.

Arctic LNG 2 involves the construction of three liquefied natural gas production trains with capacity of 6.6 million tonnes per year each or 19.8 million tonnes in total. The cost of the project, which is based on the resources of the Utrennoye field, is estimated at $20 billion-$21 billion.