Russia plans to develop LNG production and increase its stake in the world market –Novak

Russia plans to develop LNG production and increase its stake in the world market, the Minister of Energy, A. Novak, said.

“Our strategy presupposes active participation in the gas market, including the direction towards the East, including the LNG production development and growth of our stake in the world markets”, he said.

Taking into account our peculiarities and opportunities, we will be competitive. The prime cost of gas extraction allows us to compete with various countries. We consider and assess these forecasts for at least until 2035, he added.

TASS reported previously referring to the Energy Strategy of Russia until 2035, LNG export from Russia might make up 30 mln tons by 2020, 100 mln tons by 2035. The stake of LNG in gas export of Russia will grow, was said in the strategy. In particular, gas consumption in the developing countries of Asia will be provided by a third by means of import but in future the appearance of new large players in the LNG market (besides the USA and Canada, this is also Australia and East Africa) will lead to the growth of competition.