The giant Novatek-led Arctic LNG 2 project in Russia has secured its first lender, with the country's largest bank agreeing to provide a multi-million-dollar loan to the planned liquefied natural gas development.
State-controlled Sberbank will lend €3 billion ($3.6 billion) to the three-train project on West Siberia's Gydan Peninsula, where Russian independent Novakek and its partners are aiming to ship first cargoes in 2023.
Gain valuable insight into the global oil and gas industry's energy transition from ACCELERATE, the free weekly newsletter from Upstream and Recharge.