Russia reveals energy policy priority

Must read

Expansion on the global LNG market is a key goal after a drop in gas pipeline supplies to Europe, the deputy prime minister has said

Russia intends to boost production of liquefied natural gas (LNG) and increase its export share to offset a decline in pipeline gas supplies to Western Europe, Deputy Prime Minister Aleksandr Novak said on Tuesday.

He argued that expansion of the global LNG market share should become a priority for Russia’s energy policy, and urged production of the fuel to be ramped up.

“I believe that this is a key task in the current conditions, when our infrastructure to Europe has suffered, and we have lost a fairly large volume of pipeline gas exports,” Novak stated.

Russia is prioritizing LNG projects after gas deliveries to Western Europe dropped to record lows in recent months due to Ukraine-related sanctions and the sabotage of the Nord Stream pipelines.

The country’s LNG development plans require additional gas resources to boost production by a further 34 million tons a year, with the goal of reaching output levels of at least 100 million tons of LNG per year by 2030, according to Novak.

The minister pointed out that Russia has “several projects that have been implemented and there are a number of projects under construction such as Arctic LNG 2, Ust-Luga,” which will double the country’s current LNG output of 33 million tons a year.

Russia is preparing a roadmap for LNG development and plans to increase the share of domestic technology used in production of the supercooled gas to 80% of the industry’s needs, as well as monitor the opportunities and risks while taking into account global demand.

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

More articles

Latest article