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Saipem, Renaissance joint venture awarded €2.2B LNG plant contract

Italian-firm Saipem SpA in a joint venture with Turkish oil and gas service company Renaissance, was awarded an onshore engineering and construction project valued at €2.2 billion by Arctic LNG 2.

The project encompasses the construction of three liquefied natural gas plants in the Tazovsky District, in the region of Yamal-Nenets in the western part of the Gydan Peninsula, each with a capacity of about 6.6 million tons per annum, as well as LNG storage facilities.

Saipem will lead the joint venture and hold 50% of the stake in the project.

The three 30 meter high concrete gravity based structures built on a surface of 330-by-152 meters, will be fabricated in two dry docks in a Novatek provided facility in Murmansk and will subsequently be towed and installed in the Gydan Pennisula.

Arctic LNG 2 is a joint venture of Novatek JSPC, which holds a 60% stake, and Ekropromstroy Ltd., which holds the remaining 40% interest.