Liquefied natural gas (LNG) exports from Russia have been steadily growing since the beginning of the year, with demand on the rise in both Europe and Asia, Energy Minister Nikolay Shulginov has announced, APA-Economics reports citing The Herald.
Speaking at the Eastern Economic Forum (EEF) that kicked off in Vladivostok yesterday, the minister outlined that demand for Russian pipeline natural gas has always been greater than for LNG.
However, the latter may soon catch up due to LNG exports being "more efficient and flexible compared to pipeline supplies," he added.
"(LNG exports) are already showing positive dynamics. We are talking about a few percent, but nevertheless. There are buyers of Russian LNG all over the world. And it is not only our new partners in Southeast Asia, but also consumers in Europe," Shulginov stated.
According to Russia's statistical agency Rosstat, the country's LNG production rose 8.1 percent to 32.5 million tonnes in 2022. Shulginov noted that Russia's current LNG output is not enough to meet the growing demand, suggesting that the country needs new gas liquefaction lines as all existing capacities are loaded.
"We have adopted a program to increase LNG production to 100 million tonnes per year by 2030. I have high hopes for Arctic LNG 2, where the installation of the first production line is already underway. The line will reach its full capacity - about 6.8 million tonnes - next year.
"We are also discussing a new LNG plant in Murmansk, with three liquefaction lines of 6.8 million tonnes each," the minister said.