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Saudi Arabia considering participating in Russia's Arctic LNG project

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LNG Industry,

According to the latest report from Reuters, Saudi Arabia will look into the possibility of taking part in Russia's Arctic LNG project.

TASS news agency cited Saudi Energy Minister Khalid al-Falih as announcing the news on 2 June.

"Everything is possible. At this stage, of course, it is too early to talk about specific projects. LNG business is challenging, there is a lot of supply. However, we don’t think in terms of years, we think in terms of decades. So I think we should look at long-term projections, and if the projects are justified we will consider investing in them. Especially, if they can be used to supply LNG to Saudi Arabia," he said when asked about the country’s potential participation in the Arctic LNG project.

"Saudi Arabia is a huge market for gas, so we’re looking at existing projects like Yamal LNG, but we’re also looking at future projects with Russian companies that we can do elsewhere - Africa, Mediterranean," he added.

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