LNG

Second Arctic LNG plant will be cheaper than first – Novatek CEO

Arctic LNG 2 will cost roughly 30% less than Yamal LNG, Novatek’s CEO has said.
By Staff reporter 10 August 2017 0 27136

Arctic LNG 2, Novatek’s second LNG project in the Arctic Circle, will cost roughly 30% less than Yamal LNG, Chief Executive Leonid Mikhelson said during a meeting with Russian Prime Minister Dmitry Medvedev.

Capital investment in Yamal – Novatek’s first Arctic liquefaction plant, which is due online in late 2017 – amounts to $27 billion.

“But taking into account new solutions, we plan a cost reduction of 30% at a minimum,’ Mikhelson said.

Novatek is currently studying the possibility of building Arctic LNG 2 with gas supplied from...