Putin Told about Russia’s Plans for Production of LNG
OREANDA-NEWS. The President of Russia Vladimir Putin being at the forum “Russian Energy Week” announced that there are plans to increase the production of liquefied natural gas (LNG) to 120–140 million tons per year by 2035.
The politician added that Russian LNG projects are among the most competitive in the world because of the low cost of gas production, as well as good facilities in logistics sphere. According to him, Russia can plan long-term growth in its market share.
Putin noted that nowadays the share of Russia in the global LNG market was more than doubled and reached 9 % after the starting the operation of the project Yamal SPG. The President said that “it is still a little” for the country, but such a result can already be considered a significant progress.
In November 2018, Deputy Energy Minister of Russia Pavel Sorokin estimated Russia’s LNG production potential at 100 million tons by 2035. In the same month Russian Energy Minister Alexander Novak noted that the LNG production target was reduced from 100 million tons to 80–90 million tons.At the end of September 2019, the US Department of Energy forecasted that by 2050 the European countries of the Organization for Economic Co-operation and Development will increase their dependence on gas provided by Russia. The representatives of the agency noted that by this period, Russian gas production will increase by 40 % and reach 34 trillion cubic feet. Most of it will be exported to Europe and Asia. At the same time, the US Department of Energy announced that the United States will remain the leader in gas production, for it will increase production by 50 % (up to 43 trillion cubic feet).