By Olivia Bugault
Total said Thursday that the final investment decision for the launch of Arctic LNG 2, a liquefied natural gas project in Russia, has been approved.
The French oil major, Novatek and the other project shareholders approved the investment decision for the LNG project, which will have a capacity of 19.8 million tons per year and should export its first LNG cargo by 2023, Total said.
Total has a 10% direct interest in the Arctic LNG 2 project, while Novatek hold a 60% interest in the company. Total also has a 19.4% stake in Russian gas producer Novatek.
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