Russian president Vladimir Putin launches $27 billion LNG project in Siberian Arctic
President Vladimir Putin on Friday launched a $ 27 billion liquefied natural gas plant in Siberian Arctic as Russia
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President Vladimir Putin on Friday launched a $ 27 billion liquefied natural gas plant in Siberian Arctic as Russia hopes to surpass Qatar to become world's biggest exporter of the chilled fuel. AP
'This is a large-scale project for Russia,' Putin said at the official ceremony in the port of Sabetta on the Yamal peninsula beyond the Arctic Circle. AP
The centrepiece of the event was the loading of first gas shipment onto an ice-breaking tanker from the Yamal LNG plant, with temperatures of minus 28 degrees Celsius (minus 18 degrees Fahrenheit) outside. AP
Russia's privately owned gas producer Novatek partnered with France's Total and China's CNPC for the project. AP
The tanker that will carry the first shipment has been named after Christophe de Margerie, the former Total CEO who died in an accident on the runway of a Moscow airport in 2014. AP
The $ 27 billion (23 billion euro) project is set to start with a production capacity of 5.5 million tonnes per year and increase this to 16.5 million tonnes by the start of 2019. AP