The Chinese company Wison New Energies, which previously participated in the construction of modules for Novatek’s Russian Arctic LNG-2 gas project, announced the immediate termination of cooperation with Russia. In addition, the Zhoushan Shipyard, which was the contractor for the project, has been put up for sale.
In his statement Wison New Energies explained this decision by concern for its own strategic future. The company said it had carefully assessed the situation and decided to suspend all current Russian projects and to abandon any new operations in Russia indefinitely.
The decision comes amid a new package of US sanctions against Russia’s liquefied natural gas sector and Japan’s trade restrictions on Chinese companies supporting Russia’s war against Ukraine.
Arctic LNG-2 is a large-scale project of the Novatek company for the extraction and production of liquefied natural gas on the Hydan Peninsula. The decision of Wison New Energies to leave the project may have a significant impact on its implementation.
It was previously reported that on June 13, 2024, a new package of US sanctions against Russia hit the Russian liquefied natural gas production sector.
Japan has imposed trade restrictions on Chinese companies as part of a new round of sanctions against individuals and businesses that support Russia’s war against Ukraine. Companies from India, Kazakhstan and Uzbekistan also fell under the restrictions.
