Putin Launches Giant $27 Bn LNG Project In The Arctic

President Vladimir Putin on Friday launched a $27 billion liquefied natural gas plant in the snow-covered plains of the Arctic as Russia hopes to surpass Qatar to become the world's biggest exporter of the chilled fuel

Sabetta, Russia, (APP - UrduPoint / Pakistan Point News - 08th Dec, 2017 ) :President Vladimir Putin on Friday launched a $27 billion liquefied natural gas plant in the snow-covered plains of the Arctic as Russia hopes to surpass Qatar to become the world's biggest exporter of the chilled fuel.

The Russian president congratulated workers as he oversaw the first gas shipment being loaded onto an icebreaking tanker from an LNG plant amid minus 28 degrees Celsius (minus 18 degrees Fahrenheit) weather in the port of Sabetta on the Yamal Peninsula above the Arctic Circle.

"This is a large-scale project for Russia," Putin said. "At the start of the project, people told me not to pursue this.

Those who started this project took a risk but achieved a result." Saudi Arabian Energy Minister Khalid al-Falih and other top officials were present for the occasion.

For the project, Russia's privately owned gas producer Novatek partnered with France's Total and China's CNPC. Qatar is currently the world's biggest LNG exporter. Russia, the world's biggest gas exporter, derives a huge share of income from pipeline deliveries to Europe.

With Yamal LNG, Russia intends to strengthen its market presence in Asia and demonstrate its capacity to exploit huge Arctic reserves despite major technological challenges.