Italy’s Saipem joins Arctic LNG 2 construction

05/08/2019 08:46 LNG

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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.

Source: kallanishenergy.com

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