March 29, 2019 / 4:42 PM / a month ago

Russia's Gazprom to start Baltic gas processing and liquefaction project

FILE PHOTO: The logo of Russian gas group Gazprom at the St. Petersburg International Economic Forum 2017 in St. Petersburg, Russia, June 1, 2017. REUTERS/Sergei Karpukhin/File Photo

MOSCOW (Reuters) - Russian gas producers Gazprom and RusGazDobycha will start a major gas processing and liquefaction project near the Baltic Sea port of Ust-Luga, Gazprom said on Friday.

The project will have a capacity of 13 million tonnes of liquefied natural gas (LNG), while investment in the project will total 700 billion roubles ($10.67 billion), it said.

The first block of the complex is to become operational in the second half of 2023 and the second block by the end of 2024, Gazprom said.

Reporting by Oksana Kobzeva; Writing by Tom Balmforth; Editing by Louise Heavens

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