Russian President Vladimir Putin launched the first loading of liquefied natural gas at the Yamal LNG project in the Arctic, Reuters reported Dec. 8, citing a report by Interfax.
Russian gas producer Novatek has a 50.1% stake in Yamal LNG, which is also 20% owned by France's Total SA. The Yamal LNG project will help Russia double its market share by 2020 from the current 4%, according to Reuters.
The first phase of the $27 billion project was completed in December, while other phases are scheduled to come online in 2018 and 2019. The project eventually will have four processing units, known as trains, with a combined annual capacity of 17.5 million tonnes.
"I am confident the second and the third parts of the project will be commissioned ahead of schedule," Putin reportedly said.
At the launch ceremony, which was also attended by Saudi Energy Minister Khalid al-Falih, Putin said Russia was ready to sell gas to Saudi Arabia, according to Reuters. While he provided no details on the talks, Novatek CEO Leonid Mikhelson said he discussed gas projects with Saudi officials.
Yamal LNG is planning to ship three gas cargoes by year end and will start selling fuel under long-term contracts after April 2018, Mikhelson told reporters.
