Reuters: Novatek starts $30 billion Arctic port construction
Novatek Russia's No.2 gas producer, on Friday started building a $30 billion Arctic port designed as a gateway for liquefied natural gas exports, signaling a drive by Moscow to diversify away from its reliance on pipeline exports to Europe.
The port of Sabetta would allow Russia to increase exports to China and other Asian countries and could let Novatek challenge the monopoly on gas exports of Gazprom, Russia's No.1 gas producer.