Russia's largest independent gas producer OAO Novatek (NVTK.RS) said Wednesday it has received environmental approval for a liquefied natural gas project in the Arctic and that construction will begin soon.
Russia
's
largest independent gas producer OAO Novatek (NVTK.RS) said Wednesday it has
received environmental approval for a liquefied natural gas project in the
Arctic
and
that construction will begin soon.
Yamal LNG, a joint project with
France
's
Total SA (TOT), is expected to produce its first gas at the start of 2017, with
output eventually reaching 16.5 million metric tons per year.
Last week, Novatek said it was in advanced talks with a number of potential
clients, including
China
and
India
on
selling LNG supplies from the Arctic project.
Novatek has been banking on
Russia
's
government ending state-controlled OAO Gazprom's (GAZP.RS) monopoly on gas
exports and allowing other firms to sell LNG on foreign markets, which are more
lucrative than
Russia
's. Last
month, President Vladimir Putin instructed government officials to consider
liberalizing exports to boost
Russia
's
share of the global LNG market from 3.6%.
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