The Novatek-operated Arctic LNG 2 plant has temporarily halted its gas liquefaction process due to overfilled storage capacities.
According to Bloomberg, the company is unable to efficiently ship products due to a lack of sufficient tankers and issues with buyers. This has led to a significant decrease in the average daily production at the field serving the plant, which has more than halved, reaching 5.3 million cubic meters per day. Despite the suspension of commercial processing, a certain amount of gas continues to be processed to maintain technological processes.
The main obstacle to the project's effective operation has been the U.S. sanctions imposed earlier. They have limited Novatek's access to ice-class tankers needed for year-round LNG transportation. The U.S., seeking to reduce Russia's oil and gas revenues, intends to limit Arctic LNG 2's ability to export products, which has affected the plant's logistics and market prospects.
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