German govt considering funding Russian LNG project - report

Friday, 18. September 2020 13:11

The German federal government is considering funding for the Arctic LNG 2 gas project in Siberia, Russia, Spiegel reported on Friday. The move comes amid strained relations after the poisoning of Russian opposition leader Alexey Navalny that raised concerns over the continuation of the Nord Stream 2 project.

The German credit agency Euler Hermes, owned by Allianz, will reportedly secure $300 million in financing for the project while the government aims to back the domestic export industry through it. The DAX-listed industrial gas company Linde Plc is set to supply liquefaction technology, according to the report.

Arctic LNG 2 is set to become the largest gas project in Russia's history with its value expected to reach $21 billion.

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