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06 Sep 2019, Gergana Bencheva, EMIS Editor

Russia may boost LNG production to 120-140m tonnes per year

Russia has a potential to boost its domestic liquefied natural gas (LNG) production to 120-140 million tonnes per year from 30 million tonnes currently, ITAR-TASS reported referring to an estimate made by the country’s energy ministry.

According to the sector minister, Alexander Novak, Moscow has the ability to capture the niche up to 15-20% of the global market. Also, Russia is determined to monetise reserves, and create conditions for development of domestic technologies of gas production through the use of the Northern Sea Route and other directions.

Furthermore, the country aims to increase its investments in the fuel and energy field by 40% to almost RUB 7 trillion by 2024. In comparison, in 2018, investments in the sector stood at about RUB 5 trillion, ITAR-TASS added. 

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Original source: ITAR-TASS