Why Saudi Arabia is looking to enter the Arctic with an investment in Russian LNG
The move helps the kingdom diversify away from crude oil production and dominate global gas markets.
March 20, 2019
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Ongoing discussions between Novatek, Russia’s largest privately-owned natural gas company, and Saudi Aramco, the world’s largest oil company, for cooperation on the new Arctic LNG 2 project are expected to conclude in the coming months. Novatek is considering the sale of up to a 30 percent stake in its latest Arctic venture, “if the terms are favorable,” explains the company’s CEO Leonid Mikhelson.
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