Russian LNG production company Artic 2 struggles to find customers

In the absence of sufficient outlets, Novatek has decided to store the gas produced by the Artic 2 LNG company, which is subject to US and European sanctions. The facility began operating a month ago. Part of the production is said to have been stored on board a floating LNG terminal in the Bay of Murmansk. Two other cargoes are currently parked in Russian territorial waters or off the coast of Europe, but have not yet been delivered. US sanctions against Artic 2 appear to be deterring buyers. A cargo was transferred from a Russian vessel to a non-Russian LNG carrier off Port Said at the end of August, but the two vessels have not moved since. However, it is likely that the gas will eventually find buyers in China and India.