Gazprom Plans to Increase LNG Production, Russia

Russian gas giant Gazprom said in a statement that its Board of Directors reviewed at a meeting the long-term scenarios of gas production and consumption as well as the measures on increasing Gazprom’s LNG production and supplies to the domestic and foreign markets.

The Gazprom Management Committee was tasked to continue the efforts on retaining and strengthening the Company’s positions on the natural gas markets worldwide, the company said.

Until 2035 the most impressive growth rates will be seen in Asia-Pacific countries, where the annual average consumption level will reach 3.3 per cent. South American countries with the consumption rise of 2.3 per cent per year will become other fast-growing markets.

The trend towards consumption growth will be retained in the Middle East. A sufficiency of resources available to meet the demand over a long-term period plays a vital role in developing the global gas market.

The fact that Gazprom possesses the world’s largest natural gas reserves (18 per cent) puts the Company in a leading position against other global energy suppliers in the long-term outlook.

By implementing the LNG Production and Supply Strategy, Gazprom will strengthen its positions of the largest hydrocarbons supplier on the global gas market.

Pursuing the priority guidelines, the following actions are being taken under the Strategy:

– Extending LNG production and supplies to the domestic market as part of the projects on small and medium-size LNG shipments that will ensure gas supply to customers located distantly from the UGSS and enable to develop retail sales of gas as a motor fuel.

– Expanding the Company’s sales market by increasing the LNG share in the export portfolio through LNG production and supply from the Russian Far East and the Shtokman project.

– Entering foreign LNG projects for the purpose of gaining the rights to sell the final products and developing the marketing potential of Gazprom Group in LNG trading.

[mappress]
LNG World News Staff, September 05, 2012; Image: Gazprom