Russia’s annual manufacturing of liquefied pure fuel (LNG) is predicted to develop within the subsequent 15 years, largely due to the Yamal LNG venture, stated President Vladimir Putin on the Russian Power Week.
“We anticipate…by 2035 to achieve the LNG manufacturing degree of 120-140 million tons per 12 months,” he stated, noting that the low price of manufacturing and engaging logistics make Russian LNG tasks among the best on the earth. The nation’s present annual LNG output stands at 30 million tons.
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Russia’s share on the worldwide LNG market has greater than doubled due to the Yamal venture and now accounts for about 9 p.c, Putin stated. “That is nonetheless modest for Russia, however it’s a noticeable progress.”
The implementation of the Arctic LNG-2 venture with international companions will produce one other 20 million tons of fuel per 12 months, he added.
Leonid Mikhelson, the pinnacle of the Russian vitality large Novatek, who was additionally talking on the occasion, stated he expects Russia to achieve one-fifth of worldwide LNG manufacturing.
“Russia is the world’s second largest LNG producer with an output of 670 billion cubic meters…I imagine the share of the Russian LNG on the worldwide market ought to enhance to 20 p.c,” he stated.
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In accordance with Putin, because the starting of the 21st century, the variety of international locations consuming LNG has grown five-fold, whereas demand has virtually doubled. In 5 to 10 years, LNG will account for half of the worldwide fuel commerce, stated the Russian president.
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