Japan’s Mitsubishi abandons plans to invest in Arctic LNG 2 — Bloomberg


Japanese corporation Mitsubishi has decided not to invest in Russia’s Arctic LNG 2 project, Bloomberg reported on Thursday.

A representative with Mitsubishi confirmed this information to TASS, saying that the decision is final. The Japanese company refrained from commenting about the reasons.

Earlier it was reported that Mitsubishi could join Japanese corporation Mitsui in holding a 10% stake of Mitsui & Co and Jogmec in the Arctic LNG 2 project.

On June 29, following the Russian-Japanese summit in Osaka, it was announced that Russian independent gas producer Novatek would sell a 10% stake in the Arctic LNG 2 natural gas liquefaction project to the consortium of Mitsui and Co and Jogmec and these Japanese companies would become the fourth shareholder of the project.

Arctic LNG 2 is the second plant of Novatek for the production of liquefied natural gas. The launch of the plant at the Gydan deposits is scheduled for 2022-2023. Its capacity will be about 19.8 mln tonnes of LNG per year.


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