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Vladimir Putin: Russia plans to increase LNG output to 120 - 140 mln tonnes by 2035

October 03/ 08:04

Moscow. In the next 15 years Russia plans to increase annual production of liquefied natural gas (LNG) to 120-140 mln tonnes, Russian President Vladimir Putin said on Wednesday at the Russian Energy Week.

"We expect ... by 2035 to reach the LNG production level of 120-140 mln tonnes per year," Putin said. According to him, the low cost of production and attractive logistics make Russian LNG projects one of the most competitive in the world and can secure growth of Russia’s share in this dynamic market.

The President noted that thanks to the Yamal LNG project, Russia's share in the global LNG market more than doubled and now stands at about 9%, told TASS. "Yes, this is still modest for Russia, but it is a noticeable progress," he said. Putin also recalled that implementing the Arctic LNG-2 project with foreign partners will produce another 20 mln tonnes of gas per year.

In general, Putin drew attention to the fact that since the beginning of the 21st century, the number of the countries - consumers of LNG has grown more than five times, and demand has almost doubled. According to some estimates, in 5 to 10 years, LNG will account for half of the global gas trade, Putin said.

 

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