The complex is planned to be built on the basis of the Kumzhinskoye and Korovinskoye gas condensate fields, located near Naryan-Mar. It is planned to build a plant and a port terminal with access to the North Sea Route, develop the fields and build the accompanying and supporting infrastructure, the press service of Glavgosexpertiza reported on 2 August 2022. Alexander Stotsky, General Director of the Project Office for Arctic Development, talks about this.

There are no details of the specific outcome of the meeting, but the fact that it took place suggests that a project with a long history is finally on the horizon.

The deposits were discovered back in the 1970s. In the early 2010s, one of the wells was reactivated, which showed a significant commercial flow of natural gas. The largest Pechora LNG project in the Indiga settlement on the Barents Sea was to be built on the basis of these fields, and production was to start in 2016. The obstacle was the lack of a license to export gas, which only Gazprom and NOVATEK possessed at the time. From 2015 to 2018, entrepreneur Dmitry Bosov tried to implement it jointly with Rosneft, but the oil company eventually abandoned the project. And in 2020, Bosov died. The project was subsequently bought out by former State Duma deputy Vitaly Yuzhilin and his partners. They first considered building an LNG plant in the Leningrad Region (as Kommersant reported in late 2020), but eventually decided to build it in NAA.

The company estimates the total investment in the project at RUB 200 bn. Until 2026, the first stage facilities will be designed and built: a methanol plant (1.8 mtpa) with feedstock from the Kumzhinskoye field (producing 2 bcm/y), as well as gas treatment infrastructure and a shipment terminal. The first stage is scheduled to start in 2027. The second stage envisages an increase in production to 4 bcm/y, including at the Korovinskoye field, as well as the expansion of the gas-chemical complex.

The creation of this complex is significant in several ways. First of all, a new point of growth will form on the map of the Polar region—hundreds of additional jobs will be created in the region, and strong export-oriented production will generate additional profits. The company's core product will be methanol, one of the most promising green fuels in demand in climate-neutral countries. And it will give an opportunity to actualise Russia's position on the world market of modern types of energy carriers.