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Energy

Russia looks for Asia LNG buyers to blunt Western sanctions' bite

Fivefold production bump planned by 2035 to counter rising US shale gas exports

Novatek's Yamal LNG terminal recently began shipping liquefied natural gas to Japan.   © Kyodo

MOSCOW -- Russia is boosting Arctic production of liquefied natural gas to counter growing competition from the U.S. while looking to Asia's major energy importers to buffer projects against Washington's ire.

Russian gas producer Novatek agreed on June 29 to sell a 10% stake in its Arctic LNG 2 terminal to Japanese trading house Mitsui & Co. and state-owned Japan Oil, Gas and Metals National Corp. Two Chinese companies -- China National Oil and Gas Exploration and Development Corp. and China National Offshore Oil Corp. -- have a 20% stake in the facility.

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