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Russia's Arctic LNG 2 Takes Hanwha Dispute To Arbitration Over Terminated Contract

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Russia's Novatek-led Arctic LNG 2 is seeking about $1 billion from South Korean shipbuilder Hanwha Ocean over terminated tanker construction deals, according to a Hanwha disclosure Thursday.

Arctic LNG 2 has taken the dispute to the Singapore International Arbitration Center over a terminated shipbuilding agreement, the disclosure said.

The claim amounts to 1.37 trillion won ($1.02 billion), with Arctic LNG 2 seeking damages linked to the canceled construction contracts.

Hanwha Ocean had agreed to build six Arc7 tankers for the Arctic LNG 2 project, but sanctions on Russia led to the cancellation of three vessels ordered by Sovcomflot, according to Reuters report.

US sanctions have clouded Arctic LNG 2's outlook despite planned annual output of 19.8 million metric tons, with deliveries to China not beginning until August 2024, according to the report.

Novatek did not immediately reply to' request for comment.

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