Russian Energy Minister: Current LNG Production Insufficient to Meet Global Demand

Russian Energy Minister: Current LNG Production Not Enough to Meet Global Demand

Russian Energy Minister Nikolai Shulginov said that the current production of liquefied natural gas in Russia is not enough to fully satisfy the demand for it on the foreign market.

Growing Demand for Russian LNG

In his speech on the sidelines of the Eastern Economic Forum, the minister indicated that all Russian production capabilities in this area are operating at maximum capacity.

The minister emphasized that demand for Russian LNG is growing all over the world: not only from new partners in Southeast Asia, but also from European consumers.

Insufficient Coverage of Global Demand

When asked whether current projects in Russia fully cover global demand for Russian LNG, Shulginov replied: “No. Demand for gas through pipelines was greater. Demand for Russian LNG supplies is growing because they are more efficient and flexible compared to gas through pipelines.

The minister said: “In my opinion, we now need more gas liquefaction lines – all existing capacities are operating at full capacity. I would like to remind you that we have adopted a program to increase the production of liquefied natural gas to 100 million tons by 2030.”

Promising Projects and Future Plans

The minister continued: “We have high hopes for the Arctic-2 project, the first stage of which is now being implemented. The line will reach full capacity – about 6.8 million tons – next year. Construction of a new plant for the production of liquefied natural gas. A plant is also being discussed in Murmansk, where three gas liquefaction lines with a capacity of 6.8 million tons will be built.

About the Eastern Economic Forum

The economic forum will be held from September 10 to 13 in the Russian city of Vladivostok on the campus of the Far Eastern Federal University. This year the forum will be held under the slogan “On the path of cooperation, peace and prosperity.”

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Source: News

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