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russian news wires

Russia's newest port has begun construction on the Yamal peninsula

By The Siberian Times reporter
22 July 2012

A ceremony was held last week to begin work at Sabetta port which will be used to export liquefied natural gas.

Winter navigation at Sabetta, Yamal Peninsula. Picture: esosedi.ru


It is being built by Novatek, the country's largest independent gas producer.

From here shipments will be made to consumers in  Western Europe, North and South America and the Asia-Pacific region.

'Construction of the Sabetta port facilities will create the foundation for development of hydrocarbon fields located in the Yamal peninsula and the Gulf of Ob, provide year-round navigation along the northern sea route and contribute to the development of Russia's icebreaker fleet,' said the company.

A first phase of development will be completed by July 2014 and include 'the construction of piers for receiving large LNG plant process modules and construction materials'.

In the second phase, loading bays for LNG and gas condensate will be built.

By 2020, total shipments of 30.7 million mt/year could be processed at the port, reported Prime news agency.

The Russian state is funding the project to the tune of 47.2 billion roubles over four years, with Novatek investing around half as much again.  A tender for the construction work is currently underway. 

Novatek's Yamal LNG project includes development of production at the South Tambeiskoye field, with reserves estimated at 1.3 trillion cubic meters of gas.  Novatek owns 80% of this, with 20% with France's Total energy giant. 

Yamal-Nenets Autonomous Region is the largest natural gas producing area in the world. It accounts for approximately 84% of Russia's natural gas production and around 17% of the world's gas production.

Dounded in 1994, Novatek is an open joint stock company and its shares are listed  in Russia on MICEX-RTS Stock Exchange on the London Stock Exchange (LSE) under the ticker symbol 'NVTK'.

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