China condemns US restrictions on Russian gas project
Date
12/28/2023 6:46:03 AM
(MENAFN) In response to reports of foreign shareholders halting their participation in Russia's Arctic LNG 2 liquefied natural gas project due to United States sanctions, China's Foreign Ministry has issued a statement denouncing any third-party intervention or restrictions on its involvement in the project. The Chinese government emphasized that economic cooperation between Moscow and Beijing is mutually beneficial and should not be subject to interference from external parties.
The Arctic LNG 2 project, situated in Russia's Gyda Peninsula and operated by Novatek, the country's largest independent LNG producer, has faced setbacks with foreign shareholders, including France's TotalEnergies, China National Petroleum Corp (CNPC), China's CNOOC, and a consortium of Mitsui and JOGMEC from Japan. Each of these stakeholders holds a 10% stake in the project, and recent reports suggest they have declared force majeure on their participation, relieving themselves of financial responsibilities and offtake contracts for the LNG produced by the plant.
Chinese Foreign Ministry spokesperson Mao Ning, in a press conference on Tuesday, asserted that China opposes unilateral sanctions and long-arm jurisdiction without the basis of international law. The statement underscores China's commitment to maintaining economic cooperation with Russia, particularly in critical projects like the Arctic LNG 2, despite external pressures.
The Arctic LNG 2 project, which initiated its first train in July and commenced gas production last week, is crucial for Russia's LNG production capacity. With two additional trains planned for 2024 and 2025, the project aims to achieve a full capacity of 19.8 million tons by 2026. The geopolitical implications of the United States sanctions, the withdrawal of foreign shareholders, and China's firm stance against external interference in its economic collaborations are explored in this article, shedding light on the complex dynamics surrounding major international energy projects.
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