Infrastructure
Phase 1 of Arctic LNG 2 project may be launched in 2023
© RIA Novosti, Aleksandr Kondratuk

Phase 1 of Arctic LNG 2 project may be launched in 2023

Liquefied natural gas (LNG) production at Arctic LNG 2 may be launched in 2023, according to a statement from the French company Total.

"The first out of three phases of Arctic LNG 2 is likely to be launched in 2023," the statement reads.

Earlier on Thursday, chief executive and co-owner of Novatek Leonid Mikhelson told the media that Total signed an agreement with Novatek to acquire a 10 percent stake in the Arctic LNG 2 project, with the possibility of increasing the share to 15 percent. The transaction is expected to be completed in the first quarter of 2019. In the agreement, the companies valued the total cost of the project at $25.5 billion.