Bloomberg: Russia is trying to resume LNG exports from Arctic LNG 2 despite sanctions
Russia is trying to expand liquefied natural gas (LNG) exports from the Arctic LNG 2 project, which was suspended due to Western sanctions. This is according to Bloomberg.
According to the agency, for the first time since October 2024, one of the tankers docked at the Arctic LNG 2 terminal and then left it.
Arctic LNG 2 was supposed to be a key element in Russia's plans to triple LNG exports by 2030. But the plant has been idle for several months due to difficulties in finding buyers willing to violate Western sanctions.
After the reduction in gas supply volumes to Europe via pipelines, Russia is trying to compensate for the losses through LNG exports by sea.
To this end, the country has formed a shadow fleet of at least 13 vessels, including icebreakers, capable of operating in the harsh conditions of the Arctic.
According to experts, these capacities would be sufficient for export if Russia managed to find buyers.
From August to October 2024, Russia made eight deliveries from Arctic LNG 2, but none of the vessels delivered gas outside the country – the entire volume was transshipped to floating storage units in the Barents Sea and the Far East.
Satellite images taken on June 25 suggest a possible resumption of operations at Arctic LNG 2. Flaring is observed at the facility, which could indicate startup or equipment cooling.
The tanker Iris, which docked at Arctic LNG 2, is currently heading to the port of Murmansk. It is currently unknown whether it loaded gas, as the vessel's draft has not changed since leaving the terminal.
Its purpose is probably to transfer fuel to another vessel or into storage.
At the same time, analysts doubt the success of the new export attempt. Demand in China, the likely main buyer, has been declining for the past eight months.
- In August 2024, the United States began imposing sanctions against LNG tankers that are likely part of Russia's shadow fleet.
- In September, the United Kingdom imposed sanctions on five vessels and two related companies involved in the transportation of Russian LNG, including from the Arctic LNG 2 project.