The Government of the Russian Federation has approved the plan to develop the investment project aimed at building a LNG terminal in Murmansk Region.
The project envisages two floating LNG storage facilities, an auxiliary berth and shore-based infrastructure development. The project will cost 70.09 bn rubles by preliminary estimation and is to be completed in 2023.
Earlier, the Government approved of the plan envisaging increasing cargo transportation by the Northern Sea Route up to 80 mn tons annually by 2024.
Provided that all the LNG-related projects in the Arctic region proceed as planned, LNG and condensed gas transportation by the Northern Sea Route is to amount to 41.2 mn tons annually by 2024.