Russian Energy Producer Rosneft LNG Plant Reported Delayed for Two to Five Years

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MOSCOW (Reuters) – Russian energy producer Rosneft may have to delay development of its liquefied natural gas (LNG) plant on the Pacific island of Sakhalin for at least two years, sources said, after prices fell and financing all but dried up due to Western sanctions.

Source: www.reuters.com

>”[…] Rosneft, which has spearheaded President Vladimir Putin’s drive to increase oil and gas output and secure Russia’s energy dominance, signed an agreement with Exxon in 2013 that aimed at starting production of 5 million tonnes per year of LNG from 2018 at Sakhalin.

Russia is the world’s largest exporter of natural gas but mostly exports it by pipeline to customers in Europe. Once liquefied, natural gas can be transported by ship to customers in Asia, helping fulfill the Kremlin’s goal of finding new markets.

Two sources with direct knowledge of the project said the 2018 target was no longer realistic.

A source at Rosneft, who declined to be named…

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