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Russia expects to win big from rapidly expanding LNG market

RT | February 24, 2021

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.

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.

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.

February 24, 2021 - Posted by | Economics |

5 Comments »

  1. Russian LNG, and Chinese Oil and Gas seems to imply that the USA’s commercial dominance since WWII may be nearing its end. It certainly might be a good idea for the USA to consider doing something to bring the National Debt back under control(presently US$27,000,000,000,000),(27 TRILLION DOLLARS)and rising faster than a Saturn Rocket.
    (How is the investigation into the $$$Trillions lost by the Pentagon going?)

    Liked by 1 person

    Comment by brianharryaustralia | February 24, 2021 | Reply

  2. I recall reading circa 10-12 years ago that Iran had the world’s largest proven reserves of natural gas. Hmmm–sanctions, anyone?

    Liked by 1 person

    Comment by roberthstiver | February 25, 2021 | Reply

    • Something to be Plundered…..?

      Liked by 1 person

      Comment by brianharryaustralia | February 25, 2021 | Reply

      • Right on! I’ve thought, from the beginning 20 years ago, that such was the plan for Afghanistan (precious rare-earth minerals/ore by the trillion$). Folly after folly (Iraq, Libya, Syria also) after folly….

        Liked by 1 person

        Comment by roberthstiver | February 25, 2021 | Reply

        • Afghanistan?……Not to mention the fact that Opium production has skyrocketed under the American occupation(there are YOUTUBE video’s of American troops patrolling the opium plantations)…….Ominously coinciding with an Opioid addiction crisis in the USA itself……Do American Military planes have Customs inspections in the USA?.

          Hasn’t anyone “Joined the dots, and followed the Money”, yet?

          Liked by 1 person

          Comment by brianharryaustralia | February 25, 2021 | Reply


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