China’s foreign ministry declared on Tuesday that any third-party intervention or restrictions targeting its involvement in Russia’s Arctic LNG-2 liquefied natural gas project are unwarranted.
This statement comes in response to the U.S. imposition of sanctions on Arctic LNG-2 in November, part of a broader set of measures against Moscow over the conflict in Ukraine.
Russian controlling shareholder Novatek has claimed force majeure due to the U.S. sanctions, as reported by sources.
As reported by Russian news outlet Kommersant on Monday (December 25), both Chinese state-owned oil majors, China National Offshore Oil Corporation (CNOOC) and China National Petroleum Corp (CNPC), also stakeholders in the project, have declared force majeure.
The Arctic LNG-2 project, originally slated for production commencement in early 2024, is majority-owned by Novatek with a 60 percent stake. CNOOC and CNPC each hold a 10 percent stake, alongside France’s TotalEnergies, and a consortium featuring Japan’s Mitsui & Co and JOGMEC (Japan Organization for Metals and Energy Security).
