Alexander Novak: “In the long term, Russia’s share in the global LNG market may reach a quarter of the global figure”

According to the Minister of Energy of the Russian Federation Alexander Novak, soon the share of Russia in the world market of liquefied natural gas may reach a quarter of the global figure.

Addressing his greetings to the participants of the 9th Conference of LNG Producers and Consumers, the head of the Russian Ministry of Energy noted that it is natural gas that is currently the most environmentally promising among traditional energy sources.

As Alexandra Novak was quoted by the press service of the Ministry of Energy: “Along with renewable energy sources, it is able to ensure the solution of the most pressing tasks of reducing greenhouse gas emissions in the coming decades. Over the past decade, global LNG consumption has grown four times faster than natural gas production. During the same time, the number of importing countries has more than doubled”.

Russia, as a leader in the global energy industry, will actively meet the global demand for LNG, assured Alexander Novak.

“At the end of 2019, Russia produced more than 40 billion cubic meters of gas in the form of LNG, which is 49 percent more than a year earlier. By 2025, the total capacity of our projects will be over 68 million tons per year. In the long term, Russia’s share in the global LNG market may reach a quarter of the global figure”, he added.

The head of the Russian Ministry of Energy highlighted three main advantages of Russia in the global LNG market — a large resource base, an advantageous geographic location, and the availability of the shortest gas delivery route — the Northern Sea Route.

“Today we already have the greatest potential for gas production, combined with a strong and consistently developing export infrastructure. We are working on improving technologies and introducing modern domestic developments”, added Alexander Novak.

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