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    Sputnik: Western Sanctions Open Doors for Russia to Forge Stronger Ties With East

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Summary

Analysts are expressing optimism for Russia’s shift to its Asian partners to fill in the gap that has been left open by fleeing Western investors.

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Sputnik: Western Sanctions Open Doors for Russia to Forge Stronger Ties With East

On March 27 China announced it would be providing French oil giant Total with $15 billion to invest into the Yamal LNG project in northern Siberia.

The $27 billion investment project in the Yamal Peninsula, which is owned by private Russian gas company Novatek (60%), Total (20%) and China’s CNPC (20%), aims to tap into northwest Siberia’s abundant natural gas reserves, which contain 84% of Russia’s total natural gas, and double Russia’s share in the fast growing liquefied natural gas market.

The project is set to begin in 2017 with Yamal LNG exporting 16.5 million tons of LNG a year.

Faced with western sanctions, Russia decisively turned towards the East. MORE

 

 

 

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