LNG

Japan, which was receiving an LNG cargo from Russia on May 9, said it would gradually phase out Russian oil imports as part of a Group of Seven sanctions response to the invasion of Ukraine, though would retain its stakes in certain joint ventures, including the Sakhalin LNG and oil projects in the Russian Far East.

Sovcomflot, the Russian shipping line with 16 LNG carriers and an overall fleet of 147 vessels, said its revenues rose by 5.7 percent in the third quarter amid expectations more newbuilds will be ordered to deliver cargoes from the second Arctic LNG export plant proposed by Novatek and its international partners.