icon bookmark-bicon bookmarkicon cameraicon checkicon chevron downicon chevron lefticon chevron righticon chevron upicon closeicon v-compressicon downloadicon editicon v-expandicon fbicon fileicon filtericon flag ruicon full chevron downicon full chevron lefticon full chevron righticon full chevron upicon gpicon insicon mailicon moveicon-musicicon mutedicon nomutedicon okicon v-pauseicon v-playicon searchicon shareicon sign inicon sign upicon stepbackicon stepforicon swipe downicon tagicon tagsicon tgicon trashicon twicon vkicon yticon wticon fm
24 Feb, 2021 11:02

Russia expects to win big from rapidly expanding LNG market

Russia expects to win big from rapidly expanding LNG market

Global liquefied natural gas (LNG) is set to grow in the next three decades and will outpace the share of pipeline gas supplies, Russian Deputy Prime Minister Alexander Novak believes.

“What the market and analysts definitely agree on is that the LNG market will at least double by 2050,” Novak, who previously served as Russia’s energy minister, told the Gas Exporting Countries Forum (GECF) on Wednesday.

Also on rt.com Russia plans earliest-ever shipment of Arctic LNG to Asia

Gas is the most promising and environmentally friendly type of hydrocarbon fuel, according to the deputy PM. Given that Russia boasts one of the largest gas reserves, the growth of the LNG market opens up even more prospects for the country.

Russia is the fourth largest global LNG exporter. Last year, it boosted LNG production by over three percent to 30.5 million tons, while in 2019 its LNG output surged over 47 percent. Novak says that the country aims to increase its annual LNG production to 120-140 million tons by 2035, amounting to around a fifth of the forecasted global LNG production.

Also on rt.com Russia invites BRICS partners to join country’s massive Arctic oil & gas projects

Most of Russia’s LNG comes from the Yamal LNG project, majority owned and operated by the country’s biggest privately owned natural gas producer, Novatek. There are several other projects that can help to further boost Russian LNG exports, including the Arctic LNG 2 project, the first line of which is set to be launched in 2023.

For more stories on economy & finance visit RT's business section