Press release by the Ministry of Energy of the Russian Federation

Submitted on Tue, 10/13/2020 - 09:54

Alexander Novak: "In the long term, Russia's share may reach a quarter of the global LNG market"

The Minister of Energy of the Russian Federation Alexander Novak greeted participants of the 9th LNG Producer-Consumer Conference.

Natural gas is currently the most environmentally promising among traditional energy sources, the Minister noted.

“Along with renewable energy sources, it is able to provide solutions to the most urgent tasks of greenhouse gas emissions reduction in the coming decades. Over the past ten years, global LNG consumption has been growing four times faster than natural gas production. In the meantime, the number of importing countries has more than doubled”, he said.

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

“In 2019 Russia produced more than 40 bcm of gas in the form of LNG, which constitutes a 49 per cent annual increase. By 2025, the total capacity of our projects will have exceeded 68 million tons a year. In the long term, Russia's share may reach a quarter of the global LNG market”, he added.

The head of the Russian Ministry of Energy highlighted Russia’s three key advantages in the global LNG market, namely vast energy resources, advantageous geographic location and access to the shortest gas delivery channel – the Northern Sea Route.

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

To learn more about the Minister's remarks, please visit the Video Gallery.