Russia intends on tripling LNG shipments by 2030
Date
2/22/2024 6:52:31 AM
(MENAFN) In a significant announcement, Russian Deputy Prime Minister Aleksandr Novak outlined the country's ambitious plans to substantially increase both liquefied natural gas (LNG) production and exports by 2030. Speaking at the 'Russia' Forum in Moscow, Novak revealed that Russia aims to triple LNG exports, reaching an impressive 110 million tons per year. This substantial increase would nearly triple the volume of LNG supplied to the global market by Russia in the previous year.
Currently ranking as the world's fourth-largest LNG supplier, contributing 8 percent of total global exports, Russia's goal is to elevate its market share to 20 percent through the planned surge in LNG exports over the next six years. Novak emphasized that achieving this target hinges on boosting production capacity across all existing LNG-producing sites.
Acknowledging the ambitious nature of the task at hand, Novak highlighted the necessity of developing LNG production clusters to facilitate this substantial increase in output. The Baltic cluster is anticipated to see production rise from 2.2 million tons in 2023 to 15 million tons per year by 2030. Meanwhile, the Murmansk cluster, which is yet to commence production, is set to achieve 20 million tons. The Yamal cluster's output will be scaled up from the current 20 million tons to an impressive 60 million tons, and the Sakhalin cluster is expected to reach 15 million tons, up from the current 11 million.
Russia's strategic push to become a dominant player in the global LNG market underscores the country's commitment to expanding its influence in the energy sector. The proposed surge in LNG exports aligns with broader global trends in transitioning towards cleaner energy sources, positioning Russia to play a pivotal role in meeting the growing demand for LNG on the world stage.
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