Yamal LNG
TypeOpen joint-stock company
IndustryNatural gas
Founded2005
Headquarters
Yar-Sale
,
Russia
Revenue$236 million[1] (2017)
-$1.32 billion[1] (2017)
-$1.17 billion[1] (2017)
Total assets$27.6 billion[1] (2017)
Total equity-$1.61 billion[1] (2017)

Yamal LNG (Russian: ОАО "Ямал СПГ") is a joint venture based around a liquefied natural gas plant located in Sabetta at the north-east of the Yamal Peninsula, northwest Siberia, Russia. In addition to the LNG plant, the project includes production at the Yuzhno-Tambeyskoye gas field, and the transport infrastructure, including the Sabetta seaport and airport.

History

Ceremony of loading of the first LNG tanker within the project of Yamal LNG, 8 December 2017

Yamal LNG project was proposed when the company with the same name and controlled by Gennady Timchenko and Pyotr Kolbin got a license for the Yuzhno-Tambeyskoye gas field in 2005.[2][3][4][5][6][7][8] Novatek took control of Yamal LNG in 2009.[9] Another project named Yamal LNG was proposed by Gazprom. In November 2008, Gazprom announced that it prepared a list of potential partners for the LNG plant of the Yamal project. Although the list was not disclosed, Gazprom indicated that ExxonMobil and ConocoPhillips were included on the list.[10] Also Royal Dutch Shell, Repsol YPF and Petro-Canada were mentioned as potential partners.[10] In October 2010, the Novatek's project was chosen by the Russian government as a pilot project. The groundbreaking ceremony for the port construction was held in July 2012;[11] however, construction of the port itself began in 2013.[12]

As of 7 April 2014, the Yamal LNG OJSC is Novatek (60% stake), China's CNPC (20% stake) and France's Total (20% stake).[13]

In December 2014, amid the 2014–15 Russian financial crisis, the Russian government gave a 150 billion rouble subsidy to the project.[14]

The commercial operation of the port and first LNG train (LNG purification facility) were launched on 8 December 2017 by starting loading the first LNG carrier named after the late CEO of Total Christophe de Margerie. The loading was ceremonially launched by president Vladimir Putin in the presence of Saudi Arabia's energy minister Khalid al-Falih.[15]

According to Novatek on 22 October 2019, the natural gas reserves in the Yamalo-Nenets Autonomous Okrug represent 80% of Russia's natural gas and 15% of the world's natural gas supply.[16]

In 2021, Yamal LNG was ranked no. 30 among 120 oil, gas, and mining companies involved in resource extraction north of the Arctic Circle in the Arctic Environmental Responsibility Index (AERI).[17] The plant is expected to produce a total of 926 billion cubic metres of liquefied natural gas from the South Tambey field and is considered by some to be the 'crown jewel' of the Northern Sea Route.[18]

Technical description

The project cost is US$27 billion.[19]

The Yamal LNG plant will have three trains with total capacity of 16.5 million tonnes of liquefied natural gas per year when fully operational.[20][21] The first train is operational at the end of 2017 and the full 3 train capacity is to be achieved by 2021.[22] A second LNG Plant, named Artic LNG 2,[23] is also proposed at a site to east near the Gyda Peninsula, across the river Ob estuary from Sabetta

The plant was designed and commissioned by consortium of Technip and JGC Corporation, and Chiyoda.[20] In addition to the LNG plant, the project includes the construction of a seaport, airport and power plant.[24] The power plant will be built by Technopromexport and its turbines will be supplied by Siemens. The power plant will have capacity of 380 MW(during ISO conditions) across its 8 turbines and it is to be operational by 2018.[25] Construction of the port facilities started in September 2013.[26]

The LNG plant is supplied from the Yuzhno-Tambeyskoye gas field.[20] The main export market for LNG would be China.[27] LNG would be shipped to Asian markets through the Northeast Passage.[28] Daewoo Shipbuilding & Marine Engineering is contracted to build up to sixteen Arc7 double acting ice-class gas tankers for the project.[24] Tankers will be chartered and operated by Sovcomflot.[29]

A 180 km railway line is being built, connecting Bovanenkovo to Sabetta.[30]

Ownership

The project is developed by JSC Yamal LNG. Novatek owns 50.1% stake in the company while Total S.A. and CNPC own 20% each with China's Silk Road Fund has signed agreement to purchase 9.9% stake.[31] General director of the company was Gleb Luxemburg [21] and from September 2014 Evgeny Kot has been appointed the CEO of Yamal LNG.[32]

Funding

Shareholders provided $10.5 billion the remaining coming as debt, with the Russian National Wealth Fund providing $2.6 billion, Russian banks $4 billion and Chinese banks $12 billion.[33]

Icebreaker LNG carriers

Yamal LNG has commissioned 15 LNG icebreaker/tanker ships to export its gas. Each icebreaker/tanker is designed to operate year-round from the Yamal peninsula and to break ice up to 2.5 meters thick. The ships are leased by Yamal LNG from four companies: Sovcomflot, one ship; MOL, three ships; Dynagas, five ships; and Teekay, six ships.[34] The tankers were designed in Finland by Aker Arctic Technology Inc.[35] and built at the Daewoo Shipbuilding & Marine Engineering (DSME) shipyard in South Korea.[36]

The first icebreaker, Christophe de Margerie,[37] traversed from Norway to South Korea across the Northern Sea Route in 19 days in August 2017.[38]

When ice precludes shipping along the Northern Sea Route, then the Fluxys terminal at Zeebrugge, Belgium, will serve Russia as the LNG port for the Asia-Pacific region.[13]

Ships

In service as of October 2019:[39]

  • Christophe de Margerie, Sovcomflot
  • Boris Vilkitsky, Dynagas
  • Fedor Litke, Dynagas
  • Eduard Toll, Teekay
  • Vladimir Rusanov, MOL[36]
  • Vladimir Vize, COSCO Shipping and MOL
  • Rudolf Samoylovich, Teekay
  • Nikolay Yevgenov, Teekay
  • Georgiy Brusilov, Dynagas
  • Boris Davydov, Dynagas
  • Nikolay Zubov, Dynagas
  • Vladimir Voroni, Teekay
  • Nikolay Urvantsev, MOL
  • Georgiy Ushakov, Teekay
  • Yakov Gakkel, Teekay

United States sanctions beginning September 2019

Following the 14 September 2019 attack by Iran on Saudi Arabian oil fields at Khurais and Abqaiq (Biqayq in Arabic) during the 2019–2021 Persian Gulf crisis, the United States imposed sanctions under executive order 13846 against several companies including Cosco Shipping Tanker (Dalian) Seaman and Ship Management Company Ltd and the Cosco Shipping Tanker Dalian (大連中遠海運油品運輸有限公司) which are two Cosco Shipping Company subsidiaries that are supporting LNG shipments from Sabetta.[40][41] As of late September 2019, the Joint Venture TC LNG between the Cosco Shipping Tanker Dalian company (50% stake) and the Canadian firm Teekay is the China LNG Shipping Ltd (CLNG) which has more than one third of Sabetta's LNG ice fleet, six ARC7 LNG tankers: Eduard Toll (Russian: «Эдуард Толль»), Rudolf Samoilovich (Russian: «Рудольф Самойлович»), Nikolay Evgenov (Russian: «Николай Евгенов»), Vladimir Voronin (Russian: «Владимир Воронин») all of which are operating, Georgy Ushakov (Russian: «Георгий Ушаков») which is going to Sabetta after sea trials, and Yakov Gakkel (Russian: «Яков Гаккель») which is under sea trials at a South Korean shipyard. Also affected are five ARC7 tankers which Dynagas will supply in a partnership between Sinotrans&CSC and CLNG (25.5% stake), as well as three ARC7 tankers from a joint venture between the Cosco subsidiary Shanghai LNG and Japan's MOL (株式会社商船三井). However, these former five and later three ARC7 tankers are not directly sanctioned but US Office of Foreign Assets Control (OFAC) rules require caution to be exercised in the former. Of the fifteen ARC7 tankers operating out of Sabetta, only Sovcomflot's Christophe de Margerie is not affected by the sanctions. Although these ships have been serviced at Honningsvåg, Norway, this will be phased out and future LNG tanker shipments along the Northern Sea Route may occur between Murmansk and Kamchatka in Russia coastal waters.[42][43][44] On 30 January 2020, the United States lifted sanctions on Cosco Shipping Tanker (Dalian) and its TC LNG.[16][45][46]

See also

References

  1. 1 2 3 4 5 Error: Unable to display the reference properly. See the documentation for details.
  2. ↑ Ребров, Денис (Rebrov, Denis); Мордюшенко, Ольга (Mordyushenko, Olga) (16 December 2009). "Геннадий Тимченко поделит газ с партнером: Новым совладельцем "Ямала СПГ" может стать Петр Колбин" [Gennady Timchenko will share gas with a partner: Pyotr Kolbin may become a new co-owner of Yamal LNG]. Kommersant (in Russian). Retrieved 5 January 2021.{{cite news}}: CS1 maint: multiple names: authors list (link)
  3. ↑ "Третьим акционером Gunvor был "не принимающий решения" Петр Колбин: Колбину постоянно нужно быть на связи — ему всегда могут позвонить "старшие товарищи", иногда могут рекомендовать не пересекать границу" [The third shareholder of Gunvor was "no decision maker" Pyotr Kolbin: Kolbin constantly needs to be in touch - he can always be called by "senior comrades", sometimes they can recommend not to cross the border]. Vedomosti (in Russian). 8 October 2012. Archived from the original on 11 October 2012. Retrieved 5 January 2021. Alt URL
  4. ↑ Шлейнов, Роман (Shleinov, Roman) (12 October 2009). "Кто третий владелец "Гунвора"? Империя Геннадия Тимченко: друзья и знакомые премьер-министра особенно концентрируются вокруг нефти и газа. Но не забывают и о культуре" [Who is the third owner of "Gunvor"? The empire of Gennady Timchenko: friends and acquaintances of the Prime Minister are especially concentrated around oil and gas. But don't forget about culture]. Novaya Gazeta (in Russian). Archived from the original on 15 October 2009. Retrieved 5 January 2021.{{cite news}}: CS1 maint: multiple names: authors list (link)
  5. ↑ Шлейнов, Роман (Shleinov, Roman) (8 October 2012). "Таинственным третьим владельцем Gunvor был петербуржец Петр Колбин: Как стало известно "Ведомостям", таинственным третьим владельцем Gunvor, чье имя долгие годы держалось в секрете, был петербуржец Петр Колбин, друг детства Геннадия Тимченко" [The mysterious third owner of Gunvor was Peter Kolbin from St. Petersburg: As it became known to Vedomosti, the mysterious third owner of Gunvor, whose name was kept secret for many years, was Peter Kolbin, a childhood friend of Gennady Timchenko]. Vedomosti (in Russian). Archived from the original on 3 August 2015. Retrieved 5 January 2021.{{cite news}}: CS1 maint: multiple names: authors list (link)
  6. ↑ "Бывший акционер Gunvor оказался другом детства Владимира Путина" [Former Gunvor shareholder turns out to be a childhood friend of Vladimir Putin]. Dozhd (in Russian). Retrieved 5 January 2021.
  7. ↑ ""Дождь": Тимченко вместе с другом детства Путина переписали элитную недвижимость на бабушку Кабаевой" ["Rain": Timchenko, together with a childhood friend of Putin, rewrote elite real estate for Kabaeva's grandmother]. newsru.com (in Russian). 26 September 2016. Retrieved 5 January 2021.
  8. ↑ Шлейнов, Роман (Shleinov, Roman) (23 December 2009). "13. "Газпром" в окружении приятелей и родственников премьер-министра России" [13. Gazprom, surrounded by friends and relatives of the Russian Prime Minister]. Novaya Gazeta (in Russian). Archived from the original on 26 December 2009. Retrieved 5 January 2021.{{cite news}}: CS1 maint: multiple names: authors list (link)
  9. ↑ Lunden, Lars Petter; Fjaertoft, Daniel (July 2014). "Government Support to Upstream Oil & Gas in Russia. How Subsidies Influence the Yamal LNG and Prirazlomnoe Projects" (PDF). International Institute for Sustainable Development. p. 13. Retrieved 10 June 2018.
  10. 1 2 "Gazprom makes Yamal LNG partner list". Upstream Online. NHST Media Group. 18 November 2008. Retrieved 1 January 2009.
  11. ↑ "Port of Sabetta, Yamal Peninsula". Ship Technology. Retrieved 12 January 2015.
  12. ↑ Pettersen, Trude (17 April 2013). "Construction of Sabetta port to start this summer". Barents Observer. Archived from the original on 23 April 2013. Retrieved 12 January 2015.
  13. 1 2 News Service (7 April 2014). "Главный газовый проект на Ямале расширяет навигацию. Он получит перевалочную базу в Европе" [The main gas project in Yamal is expanding navigation. It will receive a transshipment base in Europe]. Znak.com (in Russian). Retrieved 4 January 2020.
  14. ↑ "Russian crisis money for Yamal". Barents Observer. 5 January 2015. Retrieved 12 January 2015.
  15. ↑ Foy, Henry (8 December 2017). "Russia ships first gas from $27bn Arctic project". Financial Times. Retrieved 10 June 2018.
  16. 1 2 "Пресс-релизы и мероприятия: Сообщение ПАО "НОВАТЭК" в отношении танкеров ледового класса Arc7" [Press releases and events: Communication from PAO NOVATEK regarding Arc7 ice class tankers]. Novatek website. Moscow. 22 October 2019. Archived from the original on 22 October 2019. Retrieved 4 January 2020.
  17. ↑ Overland, I., Bourmistrov, A., Dale, B., Irlbacher‐Fox, S., Juraev, J., Podgaiskii, E., Stammler, F., Tsani, S., Vakulchuk, R. and Wilson, E.C. 2021. The Arctic Environmental Responsibility Index: A method to rank heterogenous extractive industry companies for governance purposes. Business Strategy and the Environment. 30, 1623–1643. https://onlinelibrary.wiley.com/doi/10.1002/bse.2698
  18. ↑ Conley, Heather A., et al. “Russia's Northern Sea Route Ambitions.” Maritime Futures: The Arctic and the Bering Strait Region, Center for Strategic and International Studies (CSIS), 2017, p. 7, JSTOR website Retrieved 11 January 2022.
  19. ↑ Belsinski, Scott (2 April 2015). "Putin May Have Last Laugh Over Western Sanctions". Oilprice.com. Retrieved 6 April 2015.
  20. 1 2 3 Griffin, Rosemary (1 April 2013). "Technip, JGC win tender to build Russian Yamal LNG plant". Platts. Retrieved 25 July 2013.
  21. 1 2 Griffin, Rosemary (22 May 2013). "Russia's Yamal LNG to fully market LNG from project, take FID regardless of export rights". Platts. Retrieved 25 July 2013.
  22. ↑ Staalesen, Atle (11 February 2015). "Partners raise bets in Yamal LNG". Barents Observer. Retrieved 6 April 2015.
  23. ↑ "Artic LNG 2". Sourcewatch.
  24. 1 2 "Daewoo to Build Ice-Class Tankers for Yamal LNG". Downstream Today. Interfax. 5 July 2013. Retrieved 25 July 2013.
  25. ↑ "Siemens to Supply Turbines for Yamal LNG Power Plant". The Moscow Times. 19 July 2013. Retrieved 25 July 2013.
  26. ↑ Kalinin, Andrey. "Seaport Sabetta" (PDF). Aker Arctic. Retrieved 25 July 2013.
  27. ↑ Arkhipov, Ilya; Rudnitsky, Jake (21 July 2013). "CNPC to Join Novatek's Yamal LNG Project With 20% Stake". Bloomberg. Retrieved 25 July 2013.
  28. ↑ Kramer, Andrew E. (24 July 2013). "Polar Thaw Opens Shortcut for Russian Natural Gas". The New York Times. Retrieved 25 July 2013.
  29. ↑ "Russia: Sovcomflot, NOVATEK and VEB to Cooperate in Yamal LNG Project". World Maritime News. 21 June 2013. Retrieved 25 July 2013.
  30. ↑ "More details announced for the Arctic Northern Sea Route expansion". No. 16 December 2014. Siberian Times. Retrieved 12 January 2015.
  31. ↑ Kobzeva, Oksana; Golubkova, Katya (8 September 2015). "Russia's Sberbank says to decide on Yamal LNG financing terms by month-end". Reuters. Retrieved 27 October 2015.
  32. ↑ Mackenzie, Rhod (24 September 2014). "E. Kot is appointed a CEO of Yamal LNG". Rusmininfo. Retrieved 15 January 2016.
  33. ↑ "Yamal LNG: an economic project under political pressure". 4 August 2016.
  34. ↑ "Teekay Cuts Steel for Second Yamal LNG Icebreaker - World Maritime News". worldmaritimenews.com.
  35. ↑ Eric Roston (9 July 2018). "Russia Is Building $320 Million Icebreakers to Carve New Arctic Routes: The 1,000-foot-long vessels for hauling liquefied natural gas can cut through ice up to 7 feet thick". Bloomberg. Retrieved 11 July 2018.
  36. 1 2 "Aker Arctic Technology Inc Newsletter" (PDF). akerarctic.fi. Aker Arctic. March 2018. p. 10. Retrieved 11 July 2018.
  37. ↑ "An LNG Ice-Breaker: A First in the Shipment of Liquefied Natural Gas". Exploration & Production. 10 August 2016.
  38. ↑ "Icebreaking LNG Carrier Completes Unescorted Journey in Just 6 Days, 12 Hours". TURKISH MARITIME. 26 August 2017.
  39. ↑ "TABLE-Latest Arc7 LNG ship delivers 1st cargo, another waits outside Yamal". Reuters. Archived from the original on 30 October 2019.
  40. ↑ "China criticizes new U.S. sanctions over Iranian oil deals". Reuters. 25 September 2019. Retrieved 4 January 2020.
  41. ↑ "США включили в санкционный список по Ирану китайские компании" [US includes Chinese companies on Iran sanctions list]. Kommersant (in Russian). 25 September 2019. Retrieved 4 January 2020.
  42. ↑ "Российский СПГ атаковали рикошетом: Санкции США лишают "Ямал СПГ" трети флота" [Russian LNG ricochet attacked: US sanctions deprive Yamal LNG of a third of its fleet]. Kommersant (in Russian). 1 October 2019. Retrieved 4 January 2020.
  43. ↑ "Iran-related Designations; Issuance of Iran-related Frequently Asked Question". United States Department of Treasury. 25 September 2019. Retrieved 4 January 2020.
  44. ↑ "Executive Order 13846 (6 August 2018)" (PDF). United States Federal Register Vol 83 No 152. 7 August 2018. Retrieved 4 January 2020.
  45. ↑ "США сняли санкции с компании—владельца танкеров для "Ямал СПГ"" [US lifts sanctions on the company that owns Yamal LNG tankers]. Kommersant (in Russian). 22 October 2019. Retrieved 20 January 2020.
  46. ↑ Pamuk, Humeyra; Gardner, Timothy (30 January 2020). "U.S. lifts Iran sanctions on one unit of Chinese shipping giant COSCO". Reuters. Retrieved 4 January 2020.

71°16′24″N 72°04′21″E / 71.2733°N 72.0725°E / 71.2733; 72.0725

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