"We appreciate the good relations we have built with our Russian partners in the past and value the work we have done together. However, in view of the strategic future of the company, we have to make this difficult decision,” said Wison.
Wison constructed modules for Russian energy giant Novatek's Arctic LNG-2 project, a project which is now the subject of heavy and expanding sanctions from the EU and US against Russia's energy sector. The Chinese company's decision to cut ties with Russia and divest a yard involved in the Russian project appears to be an attempt to limit its exposure to sanction regimes, coming within a fortnight of US sanctions targeting compatriot yard Penglai Jutal Offshore Engineering Heavy Industries for constructing modules for Arctic LNG-2.
Individual LNG carriers, heavy lift vessels for transporting modules, and other related entities have been targeted by expanding sanctions.
Last year, Novatek disclosed plans to build an onshore gas turbine power plant with capacity of 1,500 MW to general electricity and support the operation of a plant to produce, store and offload liquefied natural gas (LNG) and stable gas condensate for Arctic LNG-2. The power plant was to be built in three stages and each of the three stages involved the delivery of four modules designed and manufactured by China's Wison after Novatek's first gas turbine supplier was cut off by sanctions.
Alongside its exit from Russia, Wison announced it will sell its entire equity interest in Zhoushan Wison Offshore & Marine in Zhejiang province, China, a yard which worked on modules for Novatek. The yard supplies products including jackup and semi-submersible drilling platforms, offshore oil production platforms, large jackets, large-scale offshore floating cranes, liquefaction and gasification units for FLNG, FPSO and FSO, as well as modularised components for both offshore and onshore heavy industrial units.
Two modules for Arctic LNG-2 were sent by Wison in March 2024, while two more remain at the yard.
Wison rebranded its Offshore & Marine arm earlier this year to Wison New Energies to promote its work in low carbon technologies.
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