Italy’s Saipem joins Arctic LNG 2 construction

05/08/2019 08:46 LNG


Italian oil and gas industry contractor Saipem announced Friday it will join the joint venture constructing the Arctic LNG 2 project, Kallanish Energy learns.

The project involves construction of three liquefied natural gas trains, each with a capacity totaling 6.6 million tons per annum (Mtpa), using Siberian gas.


Saipem entered an agreement with contractors Technip France SA and NIPIgaspererabotka, whereby its share in the project will be $2.4 billion, out of the total $7.6 billion contract value.


The project is led by Russian gas producer Novatek, which owns 60% of the project. The remaining interest is held by French supermajor Total, Japanese companies Mitsui and Japan Oil, Gas and Metals National Corp. (Jogmec), state-owned China National Petroleum Corp. (Cnpc) and China National Offshore Oil Corp. (Cnooc), which each bought 10% earlier this year.


Daily (20.02.2020): Oil prices soared by more than 2% due to U.S. sanctions on Rosneft, tensions in Libya, coronavirus cases receding

20/02/2020 10:31:00

Oil prices soared by more than 2% on Wednesday, supported by a slowdown in the spread of the coronavirus, U.S. sanctions against the Russian black gold giant Rosneft and the unrest in Libya. Brent crude for April delivery rose by $1.37, or 2.4% to settle at $59.12 a barrel. U.S. WTI crude ended at $53.29, gaining $1.24, or 2.4%.


Over 1 GW of solar, wind bids in latest German tender

20/02/2020 09:24:00

Germany received bids for 527 MW of onshore wind projects and 493 MW of solar photovoltaic (PV) proposals in its latest technology-specific procurement rounds.


TurkStream delivers over 500 mcm of gas to Europe via Turkey

20/02/2020 09:20:00

Russia transferred over 500 million cubic meters (mcm) of natural gas to Europe from Turkey via the TurkStream natural gas pipeline during its first month of operations in January 2020, industry sources said Wednesday.