Sanctions no threat to LNG project

Russia’s second largest natural gas producer, Novatek said that targeted US sanctions imposed over Moscow’s actions in Ukraine would not affect the progression of its LNG projects.

Last Wednesday, Washington sanctioned Novatek and the Russian state-owned oil company Rosneft as US President Barack Obama ratchets up pressure on Moscow over “continued provocations” in neighboring Ukraine, where rebel separatists are fighting government forces in the east of the country.

Novatek said that the sanctions did not in any jurisdiction impede its operations and business activities and that its cash flows were sufficient to fulfill key strategic plans.

“The implementation of large-scale projects with Novatek’s participation will continue as planned,” a statement from the company read. “Together with out international partners, the company will take all necessary measures to secure project financing and implement the [Yamal] LNG project as schedule.”

Novatek, together with France’s Total and CNPC of China, is an operator in the Yamal LNG project in Russia. The Russian company holds a 60% share in the project while Total and CNPC own 20%, respectively.

Edited from various sources by Ted Monroe

Read the article online at: https://www.lngindustry.com/liquid-natural-gas/22072014/novatek-says-us-sanctions-will-not-threaten-lng-projects-1039/