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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.

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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.

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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.

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