Arctic News

 

Lack of Arctic Tankers Puts Russia's LNG Development Dreams on Ice

Dec 22, 2023

Russia is hoping its shipments of liquefied natural gas (LNG) will offset a sharp fall in pipeline gas exports to Europe, but a shortage of gas tankers and sanctions hold back its plans, analysts and industry sources said.Russia wants to boost its share of the LNG market to 20% by 2030 from 8% now, but a force majeure declaration by top producer Novatek over LNG supplies from its future Arctic LNG 2 project due to sanctions shows the hurdles it faces…

Foreign Shareholders Suspend Participation in Russia's Arctic LNG 2 Project

Dec 25, 2023

Foreign shareholders suspended participation in the Arctic LNG 2 project due to sanctions, renouncing their responsibilities for financing and for offtake contracts for the new Russian liquefied natural gas (LNG) plant, the daily Kommersant reported on Monday…

US Working with Allies Over Sanctions on Russian Arctic LNG Project

Nov 08, 2023

The Biden administration is working closely with partner countries over sanctions on a Russian liquefied natural gas project in the Arctic as a January deadline looms on a wind down of transactions with the plant, a State Department spokesperson said on Wednesday…

Russia Strikes Deal with DP World to Develop Arctic Sea Route

Oct 24, 2023

Russian nuclear agency Rosatom said on Tuesday it has set up a joint venture with Dubai's DP World to develop container shipping through the Arctic as part of an initiative heavily promoted by President Vladimir Putin.The deal with one of the…

Russia Ships Naphtha to China via North Sea Route

Aug 21, 2023

Russia is shipping a naphtha cargo via the North Sea Route (NSR) as Moscow seeks to increase supplies using the route to major trade partner China, cutting its way through European waters, traders said and Refinitiv data showed.SCF Irtysh is loaded with with 37…

Russia to Spend $30 Billion on Northern Sea Route by 2035

Aug 04, 2022

Russia is to spend almost 1.8 trillion roubles ($30 billion) on the Northern Sea Route development project up to 2035, according to a document uploaded to the government's website.The document said the sea route, which is being facilitated by reduced sea ice as a result of climate change…

Norway's Hammerfest LNG Plant Resumes Operation After 20-month Outage

May 27, 2022

Norway’s Hammerfest liquefied natural gas plant has resumed operation as planned and is preparing to restart LNG production, a spokesperson for operator Equinor told Reuters on Friday.The plant has been offline for 20 months following a fire in September of 2020…

Arctic Shipping Requires New Ways to Manage Risks

Sep 23, 2021

In February 2021, LNG carrier Christophe de Margerie, escorted by a nuclear icebreaker, became the first large-capacity cargo vessel to transit the eastern sector of the Northern Sea Route (NSR). The voyage demonstrated that year-round safe…

IMO Adopts Ban on Heavy Fuel Oil Use by Ships in Arctic

Jun 17, 2021

The United Nations shipping agency on Thursday adopted a ban on the use of heavy fuel oil in the Arctic region while green groups said the regulations contained loopholes which will allow many vessels to keep sailing without enough regulatory control…

TotalEnergies Buys Stake in Novatek's Arctic Transshipment

Jun 03, 2021

TotalEnergies has signed a sale and purchase agreement with Novatek to acquire 10% of Arctic Transshipment LLC, a wholly owned subsidiary of Novatek, which owns and will operate two liquefied natural gas (LNG) transshipment terminals being built in the Murmansk and Kamchatka regions of Russia…

NOVATEK Elects New Board of Directors

Apr 23, 2021

Russia's largest independent natural gas producer PAO NOVATEK announced Friday that the annual general meeting of shareholders (AGM) approved the election of members to the board of directors.The following members were elected to the board of directors:Andrei I…

MSC Reaffirms Commitment to Avoid Arctic Shipping Routes

Apr 01, 2021

Container shipping giant MSC Mediterranean Shipping Company doubled down on its position to avoid sending its vessels through the Northern Sea Route and urged others to follow suit, citing environmental concerns.“As a responsible company, this was an obvious decision for us…

Russia Launches Satellite to Monitor Climate in Arctic

Mar 01, 2021

Russia launched its space satellite Arktika-M on Sunday on a mission to monitor the climate and environment in the Arctic amid a push by the Kremlin to expand the country’s activities in the region.The Arctic has warmed more than twice as fast…

Sovcomflot IPO Expected to Price at Low End of Range

Oct 06, 2020

Russian shipping company Sovcomflot is guiding investors to expect its initial public offering (IPO) to price at the low end of the marketing range, two bookrunners organizing the transaction said on Tuesday.The first big stock market float…

Rosneft to Build Port for Its Vostok Oil Project

May 13, 2020

Russian state oil giant Rosneft plans to build a port with maximum annual capacity of 115 million tonnes of oil for its Vostok Oil project in the Russian Arctic, the RIA news agency quoted the company as saying on Tuesday.Rosneft said in a statement…

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