LNG

Russia's state-owned Rosneft is edging closer to taking control in the $4 billion Pechora LNG project in the Arctic Circle, which is currently owned by the Moscow-based investment firm Alltech Group.

Aug 26 (LNGJ) - Russia's state-owned Rosneft is gearing up to take control of Pechora LNG - a new $4 billion liquefaction project planned in the Barents Sea that is projected to produce 2.6 million tonnes a year of LNG by 2018.

Output could be boosted to as much as 10 mtpa in the following decade, dependent on sustained demand growth in Asia and a recovery in Europe.