The project is run by the private company Novatek, Russia's largest producer of LNG, which has a 60% share. The Chinese, French, and Japanese companies represented the remaining 40% of shares. The foreign companies all declared force majeure on the project.
Russia hoped to increase its share of the global LNG market from 8% to 20% by 2030, offsetting the economic impact of European sanctions on Russian pipeline gas exports.
From mid-2021 until late 2022, Europe and parts of Asia were gripped by an energy crisis, as oil, gas, coal and power prices surged, in some cases to record highs, forcing households and firms to cut use rapidly.
A lack of progress on the Power of Siberia 2 pipeline following the latest meeting between Vladimir Putin and Xi Jinping in Beijing chips away at the picture of unshakeable unity and strength both leaders have sought to project under their “no limits” friendship. [Gas in Transition, Volume 3, Issue 10]