Russia targets a quarter of the global LNG market in the...

Russian Energy Minister Alexander Novak has confirmed that Russia, the world’s largest energy producer, is seeking to capture a quarter of the global LNG market in the future.

Today, Sunday, Bloomberg News quoted Novak as saying in a video address to the LNG Producers and Consumers Conference 2020: “We already have the largest gas production potential as well as a strong and advanced export infrastructure.”

He said that Russia has geographical proximity to the European and Asian markets for extremely cold fuels and is developing the North Sea route through the Arctic to ensure faster and cheaper delivery.

Novak added that by 2025, the country will increase its total LNG production capacity to more than 68 million tons. In the past year, Russia nearly doubled its LNG production to 29.5 million tons, according to the Energy Ministry.

Russia’s LNG production capacity has increased in the past three years with the gradual launch of the “Yamal” LNG project outside the Arctic Circle. The facility is operated jointly by Novatek and its European and Asian partners.

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