Production of liquefied natural gas (LNG) in Russia could jump to 83 million tons per year by 2035, according to the energy ministry’s Alexander Gladkov.
Speaking during an energy conference, the head of the energy ministry’s oil and gas production and transportation department, said the country’s production capacity could be increased from the current 21 million tons per year, TASS reports.
He added that the ministry is focused on providing incentives to aid the industry’s development, saying that potential approaches are being considered in order to stimulate the industry.
Currently, the country has a 4 to 5 percent share in the global LNG market. He noted that by 2035 this share could be bumped significantly up to 15 to 20 percent.
The 21 mtpa of LNG Russia currently exports are produced by two projects, the Sakhalin II project operated by Sakhalin Energy, a joint venture between Gazprom, Shell, Mitsui and Mitsubishi, and the Novatek-operated Yamal LNG.
LNG World News Staff