CNPC to join Novatek’s Arctic LNG project
© RIA Novosti. Vladimir Pirogov

CNPC to join Novatek’s Arctic LNG project

China National Petroleum Corporation (CNPC) is considering the possibility of joining Novatek's Arctic LNG project, CNPC International Department Director-General Li Yueqiang told RIA Novosti.

"We are currently participating in the first phase of the Yamal LNG project, which will be followed by the second stage (the Arctic LNG project- Ed.)," he said when asked if the company is interested in taking part in the Arctic LNG project. "We have already held preliminary talks on the second stage."

He also said that work on Arctic LNG is at the initial stage now.

Russia's Novatek is building a liquefaction plant in Yamal (the Yamal LNG project), the second of its kind in Russia, and plans to start another one, Arctic LNG, on the Gydan Peninsula.

The Yamal LNG project involves the construction of a plant to produce 16.5 million metric tons of LNG using the South Tambeyskoye field as its resource base. The start of LNG production is scheduled for 2017. Yamal LNG is co-owned by Novatek (50.1 percent), Total (20 percent), CNPC (20 percent) and the Silk Road Fund (9.9 percent).