Russia is making another attempt to expand its liquefied natural gas (LNG) exports after US sanctions halted such efforts last year.

Source: Bloomberg, as reported by European Pravda

Details: Bloomberg and satellite imagery indicate an LNG carrier has docked at the Arctic LNG 2 export terminal for the first time since October. The facility had been inactive for several months due to a lack of buyers willing to violate Western restrictions.

At least 13 vessels – including ice-class ships – have been mobilised to potentially service Arctic LNG 2. Some of them have changed management companies multiple times to conceal their true ownership.

Bloomberg’s vessel tracking data shows the following:

• Four ice-class LNG carriers capable of navigating frozen waters near Arctic LNG 2. Three are currently idle in the Barents Sea, and one is docked at the terminal;
• Three conventional LNG carriers are also in the Barents Sea;
• Two vessels are undergoing repairs in China;
• One ship is reportedly en route to Arctic LNG 2;
• One vessel is near a floating storage unit in Russia’s Far East;
• Two tankers are idle in the Gulf of Finland. These had previously serviced another Russian project, Portovaya, which came under US sanctions in January.

"Russia does have more vessels at its disposal compared to the summer/fall of 2024. If it can find buyers, this small fleet should be sufficient to lift cargoes," said Malte Humpert, founder of the Arctic Institute, a Washington-based think tank.

Between August and October 2024, eight cargoes were exported from Arctic LNG 2, but none made landfall abroad. Instead, the gas was offloaded into two Russian storage sites – one in the Barents Sea and another in the Far East.

In October, large-scale production was halted due to ice build-up around the terminal, which made transport by conventional tankers impossible.

The market is now closely watching whether Arctic LNG 2 can secure buyers. An increase in Russian LNG exports would place downward pressure on global gas prices, benefiting consumers.

The Biden administration applied sanctions aggressively last year to vessels and companies linked to Arctic LNG 2 exports. It remains unclear whether a Trump administration would act as strictly, or if it might impose restrictions on ports that accept the fuel.

Traders familiar with the matter revealed that representatives of the Arctic LNG 2 joint venture have continued their attempts to sell fuel, visiting potential buyers in India and China over the past year. However, it is unknown whether any sales have been secured.

Support Ukrainska Pravda on Patreon !