Russia's LNG production set to reach 47.3M tons annually by 2024
(MENAFN) Russia is poised to witness a substantial increase in its annual liquefied natural gas (LNG) production, with projections indicating a growth trajectory in line with the country's energy development program. Official documents reveal that LNG production in Russia is expected to surge by 40 percent next year, reaching a production volume of 47.3 million tons by 2024. As of the end of 2023, it is estimated that production will already have reached 33 million tons.
These ambitious figures highlight Russia's determination to bolster its LNG production capacity to meet domestic energy demands and expand its presence in the global LNG market. In 2020, LNG production in Russia registered an 8.1 percent increase, amounting to 32.5 million tons, according to data from the state statistics service, Rosstat. However, there has been a slight dip in output this year, with production decreasing by 5.3 percent during the first eight months, totaling 20.9 million tons in annual terms.
The expansion of LNG production in Russia reflects the country's efforts to leverage its abundant natural gas resources to meet both domestic and international energy needs. It also underscores Russia's ambitions to play a more prominent role in the global LNG trade, which is becoming an increasingly vital component of the global energy landscape.
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