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Novatek planning to ship first cargo from Yamal LNG before end of 2017

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LNG Industry,

According to Reuters, Russia’s Novatek is aiming to launch production at the Yamal LNG facility in 2H17 and ship its first cargo before the end of the year.

Mark Gyetvay, CFO, reportedly told Reuters: “The most important thing that we were telling our investors was that the shareholders were 100% committed to finance the project up until the closing of the project financing, and that there were no delays in the project.”

Gyetvay reportedly added that the company was expecting to launch Trains 2 and 3 of the project in 2H18 and 2H19, respectively. Once online, the facility would have an overall capacity of 16.5 million tpy of LNG.

Reuters also claims that Novatek is considering the possibility of a second project – Arctic LNG-2 – once Yamal is fully underway. The company is planning to finish the feasibility work within the coming 12 – 18 months, after which it hopes to be able to make a final investment decision (FID).

Gyetvay commented: “I would anticipate that we would try to target first LNG production around 2023, which corresponds to our belief that the market will need additional volumes during this period.”

Edited from press release by David Rowlands

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