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Russia's Novatek says its suspends operations at Baltic Sea terminal after fire

Published 21/01/2024, 10:00
Updated 21/01/2024, 10:05
© Reuters. Firefighters work to extinguish fire at the Novatek terminal in the port of Ust-Luga, Russia, January 21, 2024. Leningrad Region's Governor Alexander Drozdenko Telegram channel via REUTERS

(Reuters) - Russia's Novatek said on Sunday that work at a terminal it controls on the Baltic Sea had been suspended after a fire it said was the result of "external influence."

A fire broke out at the terminal belonging to Novatek, Russia's largest liquefied natural gas producer, regional officials said on Sunday, amid reports of explosions and Ukrainian drone sightings in the area.

"According to preliminary information, the fire was the result of external influence," the company said in a statement, giving no further details.

"The technological process at Novatek-Ust-Luga has been stopped, and an operational headquarters has been established to eliminate the consequences. Damage assessment will be carried out later," the company said.

The Ust-Luga complex, located on the Gulf of Finland about 170 km (110 miles) west of St. Petersburg, processes stable gas condensate into light and heavy naphtha, jet fuel, fuel oil and gasoil, according to Novatek's website. The port is used to ship processed products to international markets.

Latest comments

but something else is happening
Is that mean that price of natural gas might go up tmr?
hahaha I was thinking same
but the price goes down to remove the long position and suddenly the spike will come which will remove the short.
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