In a move that many said would never happen , the biggest independent natural gas producer in Russia launched its much-hyped Yamal liquefied natural gas (LNG) project on Dec. 8. Russian President Vladimir Putin personally oversaw the first official loading of LNG at the Novatek facility on the Yamal Peninsula in the Siberian Arctic. Believed to hold the largest natural gas reserves in the world, the Yamal could meet global demand for a decade. The $27 billion project brings online some 5.5 million tonnes of LNG per year, which is predicted to expand to 17.5 tonnes over the next few years. China National Petroleum Corp., which owns 20 percent of the project, purchased the first cargo of LNG. Other key stakeholders include France's Total (with 20 percent ownership) and China's Silk Road Fund (9.9 percent). Novatek retains a 50.1 percent majority stake.