Russian Energy Minister Alexander Novak expects the country’s output of liquefied natural gas (LNG) to rise more than tenfold to 140 million tons per year by 2035 as global demand for the fuel soars.
LNG shipments from Russia amounted to 12.86 million tons last year. According to the minister, annual production will grow to 73 million tons as early as 2025.
“Russia has got a wide range of opportunities for expanding LNG production. Lots of LNG plants are currently being projected and becoming operational,” Novak said speaking at the 5th International Arctic Forum in St. Petersburg.
“According to our estimates, further additional demand will total 300-350 million tons by 2035. That means we will aim to achieve annual LNG production of 100-140 million tons by the same year as part of our energy strategy.”
Earlier this week, Russia’s Federal Customs Service reported that the country’s exports of LNG saw a year-on-year surge of 81 percent over the first two months of the current year. Increasing foreign demand allowed Russian enterprises like Sakhalin Energy and Yamal LNG to more than double their export revenues to nearly US$1.5 billion over the indicated period.
Novak also said that Washington is trying to force Europe into buying American LNG, creating unfair competition.
“The factor that plays an important role is protectionism that we see today by the US which is effectively imposing its liquefied natural gas on European consumers to the detriment of its right to choose,” the minister said.
The International Arctic Forum is an annual platform for discussing the Arctic region’s problems and development at the international level.