Italy Holds Financing for Russian LNG Project

Italy Holds Financing for Russian LNG Project

In response to Russia’s invasion of Ukraine, Italy disclosed that it will put its share of financing on hold for the Arctic LNG 2 project led by privately-owned Russian gas producer Novatek, Reuters reported quoting two sources close to the matter.

The project is worth $21 billion and was going to be financed by the Italian state lender Cassa Depositi e Prestiti (CDP) as well as the Russian arm of Italy’s biggest bank Intesa Sanpaolo (ISP.MI).

The Arctic LNG 2 was expected to be launched in 2023 before the invasion and to reach full capacity of almost 20 million tonnes of liquefied natural gas (LNG) a year by 2026.

The shareholders of Arctic LNG 2 are Novatek (60%), TotalEnergies (10%), China’s CNPC (10%) and CNOOC (10%), in addition to Japan Arctic LNG (10%), which is a consortium of Mitsui & Co, Ltd. (8031.T) and JOGMEC.


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