Russia Wins in Arctic After U.S. Fails to Kill Giant Gas Project

14 Dec 2017   LNG, Russia

Sanctions created ‘deadlock’ for Yamal LNG, says Total Novatek plans new projects to challenge Qatar for scale Building the $27 billion Yamal liquefied natural gas project meant shipping more than 5 million tons of materials to construct a forest of concrete and steel 600 kilometers north of the Arctic circle, where temperatures can drop to -50 degrees celsius and the sun disappears for two months straight. Yet those challenges weren’t as tough as the U.S. sanctions imposed in 2014, forcing a complete refinancing just as construction was about to start. Jacques de Boisseson, head of the Moscow office of French energy giant Total SA, which has a 20 percent stake in Yamal LNG, said there were “various moments” when he thought the project may never happen. “We were too much advanced to stop. We were in a deadlock: we had to go ahead and we didn’t know how,” de […]

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