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News // Energy

Saudi Arabia to invest $5 billion in Russia’s future LNG project in Arctic

24 October 2018 , 10:10Neftegaz.RU613

  

Riyadh, October 24 - Neftegaz.RU. Saudi Arabia is ready to invest $5 billion in the LNG 2 project in the Russian Arctic, the head of Russian Direct Investment Fund (RDIF), Kirill Dmitriev, said at the Saudi Arabian investment forum, RT reported.   

 

Earlier, Saudi Minister of Energy Khalid al-Falih said the kingdom was considering the possibility of becoming the 2nd biggest investor in the project led by NOVATEK, Russia’s biggest independent gas producer. The minister didn’t provide details on Saudi Arabia’s potential share in the project.

 

In May, French Total, which holds a 19-% stake in Novatek and participates in developing the company’s 1st LNG project in Yamal, announced plans to buy a 10-% stake in Arctic LNG 2 enterprise, which could reportedly be worth around $25.5 billion. The reported volume of investments by the French company amounts to $2.55 billion.

 

 The project also attracted a lot of interest from international partners, including Chinese CNPC, Saudi Aramco, South Korean KOGAS, as well as from Japanese investors, according to Novatek’s CEO, Leonid Mikhelson.

 

 The company is planning to sell up to 40 % of the Arctic LNG 2 project to the foreign partners. The final investment decision may reportedly be made in the 2nd half of next year with the 1st train expected to start up by the end 2023.

 

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