Russia’s Arctic LNG 2 project, led by Novatek, has increased gas production to record levels in August, averaging up to 25 million cubic meters per day. Despite facing international sanctions, the facility has continued exporting LNG, with five tankers loaded since June and a sixth potentially en route. While the destinations and buyers remain unclear, the shipments suggest that Russia is finding ways to bypass the sanctions. The project is central to Russia’s aim to expand LNG output and shift focus from lost European pipeline markets to Asia. They write:
Russia’s sanctioned Arctic LNG 2 project boosted gas output to record levels this month as the export facility keeps loading cargoes that have struggled to find buyers. […]
While those ambitions were squeezed by international sanctions after the Kremlin’s full-scale invasion of Ukraine, five tankers — also subject to restrictions — appear to have loaded LNG cargoes since June, with most of them heading now toward Asia.
It remains unclear where the vessels will unload and whether the cargoes have found foreign buyers, but suggests Russia may be finding ways around the sanctions. […]
Arctic LNG 2 and Novatek, the project’s largest shareholder, didn’t immediately respond to Bloomberg requests for comments.
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