A fifth sanctioned Russian LNG carrier, the Iris, has arrived at the Tieshan terminal in the Port of Beihai, China, on September 16, 2025. This follows the departure of another sanctioned tanker, the Buran, just two days prior. The article notes that a sixth vessel, the Arctic Vostok, is also expected to arrive in the coming days. The new arrivals are part of a resumed loading schedule from the Arctic LNG 2 project, which began after its second train was commissioned.
Market and Pricing
The article mentions that market sources have unconfirmed reports of the LNG from Arctic LNG 2 being traded at prices between $8 and $8.50 per MMBtu. Meanwhile, trucked LNG prices in the Beihai area have remained stable, but the increased supply has contributed to lower prices in the nearby province of Guangdong. The October JKM, a benchmark price for LNG in Northeast Asia, was assessed at $11.264 per MMBtu on September 15. The U.S. government has also reissued warnings about the “significant sanctions risk” of doing business with Russia’s Arctic LNG 2 project.
The Beihai Terminal
The Beihai LNG terminal, operated by PipeChina, has a receiving capacity of 6 million metric tons per year. The terminal is jointly owned by several state-owned enterprises, including PetroChina, Sinopec, and CNOOC. It was recently noted that the terminal was not on a list of facilities with available receiving capacity for the remainder of 2025, which domestic sources suggest indicates it is fully booked.
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Source: S&P Global
