Russia intends to quintuple LNG output to feed Asian demand
Russia aims to increase its liquefied natural gas output about fivefold by 2035 to capture about 20% of the global market.
The country envisions up to 70% of its LNG exports by then going to the Asia-Pacific region.
Energy Minister Alexander Novak told Nikkei in Moscow that Russia’s government intends to strengthen its cooperation with Japan in terms of funding and technology for the LNG and related sectors.
Japanese Prime Minister Shinzo Abe and Russian President Vladimir Putin are expected to discuss economic cooperation in areas including energy when they meet in Osaka on June 29 on the sidelines of the G-20 summit. The leaders will also discuss a peace treaty and other matters between the countries.
Novak could join Putin’s delegation.
Russia’s current LNG output is about 28 million tons a year. This combines output from the Sakhalin-2 project, in which Japanese general traders Mitsui & Co. and Mitsubishi Corp. participate, and the Yamal LNG project in Arctic Russia.
The plan is to raise the total, which now represents less than 10% of global demand, to between 120 million tons and 140 tons by 2035, according to Novak.