"Arctic LNG-2" filed a claim against the South Korean Hanwha Ocean for a billion dollars

The liquefied natural gas (LNG) project Arctic LNG-2, owned by Russia's largest non-state gas company Novatek, has filed a lawsuit against the South Korean shipbuilding corporation Hanwha Ocean. Reuters reports this with reference to information from the defendant.

The amount of the claim is about a billion dollars. The reason for it was the canceled contracts for the construction of gas carriers necessary for the export of LNG in the Arctic Ocean.

Hanwha Ocean, formerly known as Daewoo Shipbuilding & Marine Engineering, was to build six Arc7 class tankers. Including three of them were intended for the Russian company Sovcomflot, and three more for the Japanese Mitsui O.S.K. Lines.

However, the first three were never staged. The work of Hanwha Ocean was stopped by US blocking sanctions imposed under previous President Joe Biden.

To date, restrictive measures remain in force, so the work of Arctic LNG-2 is significantly hampered. Only cooperation with China helped get gas supplies off the ground. A little over a year ago, the plant was able to sell its first batch of gas after months of trying to find a buyer.