ONGC Videsh, Petronet LNG may buy 9.9% in Arctic LNG-2 from Novatek

Indian companies ONGC Videsh Limited and Petronet LNG are exploring the possibility of purchasing 9.9% in Arctic LNG-2 from Novatek, a source in the Indian delegation that visited Moscow in early September, told media personnel. The delegation was headed by Minister for Petroleum and Natural Gas, Housing and Urban Affairs Hardeep Singh Puri. Chinese companies CNPC and CNOOC together hold 20% of the share of the field.

“We are discussing the participation in the Arctic LNG-2 project, we are estimating it now,” a delegation representative involved in the negotiations said on condition of anonymity. If the purchase takes place a consortium consisting of ONGC Videsh Limited and Petronet LNG Limited will hold the share, he said.

The Minister told the media that the project had been discussed. “We are discussing everything with Novatek, everything is on the table,” he said when asked about the potential participation of Indian companies in the Arctic LNG-2 project. “We are discussing being a shareholder in Arctic LNG-2 project, we are evaluating it,” the Minister said, adding that during the visit, he met with heads of Russia’s leading energy companies, including Rosneft, Novatek, Gazprom Neft and Sibur.

Indian Minister was on a five-day visit to Russia, including Moscow, Vladivostok, and Sakhalin. He also attended the Eastern Economic Forum and the Zvezda shipyard.

Arctic LNG-2 is the second LNG project implemented by Novatek. It suggests the construction of three LNG liquefaction trains with a capacity of 6.6 mln tonnes per annum each and a cumulative gas condensate production capacity of 1.6 mln tonnes per annum. The first train is planned to be launched in 2023, the second and third in 2024 and 2026, respectively. The participants of the project and their shareholding includes Novatek – 60%, Total – 10%, CNPC – 10%, CNOOC – 10%, and a consortium of Mitsui and JOGMEC – 10%.

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