Novatek Greenlights $21 Billion Russian Arctic LNG 2 Plant

[NickB79]

https://www.bloomberg.com/amp/news/articles/2019-09-05/russia-s-novatek-gives-green-light-to-arctic-lng-2-project

Novatek PJSC gave the official go-ahead for its Arctic LNG 2 project, a major step by Russia’s largest liquefied natural gas producer toward its goal of commanding 10% of the global market in a decade.

Novatek Chief Executive Officer Leonid Mikhelson, alongside Russia Energy Minister Alexander Novak, announced the final investment decision Thursday at the Eastern Economic Forum in Russia’s Pacific port of Vladivostok. The move commits it to proceed with financing and engineering contracts for the development, which will cost $21 billion and is expected to be completed between 2023 and 2025, Novak said.

This is huge. The fugitive methane the global LNG system is gearing up to release means we have no chance of stopping at 2C.

[Lulu KC]

1. Oh no

All the dots are being connected in a giant web.