Russia's Arctic-2 LNG Project is Dead on arrival.
OilPrice.com reports:
"Russia's Novatek recently halted operations at its Arctic LNG 2 project, and it has no plans to restart it this winter, according to an anonymous Reuters source familiar with the matter.
The development is a significant setback for the country's gas ambitions. This project, primarily located on the Gydan Peninsula in the Arctic and majority-owned by Novatek, was supposed to expand Russia's share in the global LNG market from 8% to an ambitious 20% by 2030. However, facing mounting sanctions from the U.S. and its allies due to the Ukraine conflict, Novatek has suspended its only active LNG train and currently has no plans to restart operations until next summer.
This suspension, which took effect on October 11, reflects the difficulties Arctic LNG 2 faces in finding buyers and securing the specialized ice-class vessels required for winter operations.
U.S. sanctions have made potential buyers wary of dealing with Russian LNG due to potential retaliatory consequences. In fact, U.S. Assistant Secretary for Energy Resources Geoffrey Pyatt emphasized that the U.S. is stepping up efforts to choke off Russia's revenue from LNG sales, citing this as part of a broader strategy to reduce funding for Moscow's military actions."
“Israel’s attacks on Iran early Saturday destroyed air-defense systems set up to protect several critical oil and petrochemical refineries, as well as systems guarding a large gas field and a major port in southern Iran, according to three Iranian officials and three senior Israeli defense officials.
The sites targeted by Israel, according to the officials, included defenses at the sprawling Bandar Imam Khomeini petrochemical complex, in Khuzestan Province; at the major economic port Bandar Imam Khomeini, adjacent to it; and at the Abadan oil refinery. Air-defense systems were also struck in Ilam Province, at the refinery for the gas field, called Tange Bijar, said the officials, one of them with Iran’s oil ministry.
The Iranian and Israeli officials familiar with the attacks spoke on condition of anonymity to discuss intelligence.
Israel’s destruction of the air-defense systems has raised deep alarm in Iran, the three Iranian officials said, as critical energy and economic hubs are now vulnerable to future attacks if the cycle of retaliation between Iran and Israel continues.
“Israel is sending a clear message to us,” said Hamid Hosseini, an expert on Iran’s oil and gas industry and a member of the Iran-Iraq Chamber of Commerce. “This can have very serious economic consequences for Iran, and now that we understand the stakes we need to act wise and not continue the tensions.””