Economy

Saipem, Turkish Ronesans partner for Arctic LNG-2

The construction contract is worth € 2.2 billion for the $25.5 billion Arctic LNG-2 project

Murat Temizer   | 19.12.2018
Saipem, Turkish Ronesans partner for Arctic LNG-2

Ankara

By Emre Gurkan Abay

MOSCOW

Italy's Saipem and Turkey's Ronesans signed a joint venture (JV) agreement for infrastructure construction for the Arctic LNG-2 project, Saipem announced on Wednesday.

The company said the contract for the construction of the project is worth € 2.2 billion.

Both Saipem and Ronesans will each hold a 50 percent share in the joint venture for the construction of the Arctic LNG-2 project the value of which is $25.5 billion.

At the 22nd St. Petersburg International Economic Forum in May 2018, in the presence of the Russian President Vladimir Putin and the President of France Emmanuel Macron, the Chairman of the management board of Novatek, Leonid Mikhelson, and Chairman and Chief Executive Officer of Total, Patrick Pouyanne, signed a binding agreement on the terms to enter the Arctic LNG-2 project.

The project targets the production of 20 million tons of LNG from 2022.

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