Russia Skirts U.S. Sanctions With $27 Billion Arctic Gas Plant

9 Dec 2017   LNG, Russia

The Yamal LNG plant on the Yamal Peninsula in the Arctic circle. The project took years to find financing from China that didn’t violate U.S. sanctions on Russia over Ukraine. MOSCOW—Russian President Vladimir Putin launched a giant Arctic gas project that is a symbol of its efforts to overcome Western sanctions and strengthen ties with China. The $27-billion Yamal LNG facility on Friday started loading its first tanker, which will take liquefied-natural gas from an icy Arctic peninsula to the Asian market. The project took years to find financing from China that didn’t violate U.S. sanctions on Russia over Ukraine. Yamal marks a departure for Russia’s gas exports, which have long focused on state-owned PAO Gazprom delivering fuel via pipeline into Europe. Mr. Putin granted special permission to export gas to Yamal, which will use ice-breaking ships to transport LNG along the northern coast of Siberia during the summer […]

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