Global energy and commodity price reporting agency Argus will launch two new prices for Yamal LNG and Arctic LNG 2 supplies exported from Kamchatka in Russia’s far east and Murmansk in the northwest of the country.
The Yamal LNG and Arctic LNG 2 complexes will form one of the world’s largest energy projects with planned capacity of 35mn t/yr. Exports will go to the Asia-Pacific region and Europe.
The new indexes will be published in the Argus LNG Daily report from 6 February and serve as an indicator of the price of LNG at the transshipment terminals, which Russia’s Novatek and its partners plan to start operating in Kamchatka and Murmansk in 2022-23.
The price for LNG exports from Kamchatka will be calculated by averaging prices in Japan, South Korea, Taiwan, China, India and southeast Asia and adjusting for shipping costs. The price for exports from Murmansk will be based on the price of LNG delivered to northwest Europe.
"Russia has a key role in the global LNG market, and we are pleased to be producing the market price indicators that will assist the development of the LNG market in the region," said Adrian Binks, Argus Media chairman and chief executive. "The additional transparency that these new prices will provide will enable market participants to calculate the most cost-effective logistics routes to key markets."