CEO: Novatek sees LNG market growth to 700 mln tns by ‘30

SABETTA, Yamalo-Nenets Autonomous District, Oct 3 (PRIME) -- Russian gas producer Novatek expects the liquefied natural gas market volume to amount to 700 million tonnes by 2030, above the current forecasts, CEO Leonid Mikhelson said at the Russian Energy Week late on Tuesday.

“We are sure that the LNG market forecasts are constantly set too low, analysts revise data annually. Whereas IHS used to forecast 470 million tonne consumption by 2030 in 2016, this year a figure of 530 million tonnes is set. Our estimate is a 700 million tonne LNG market by 2030,” Mikhelson said.

He said that in 2017, the market grew 11% to about 300 million tonnes. In 2018, a 7% growth is expected.

The LNG market must separate pricing from the oil market, because oil market volatility obscures the real gas production and consumption dynamics. The oil market risks must not be transferred to the gas market, he said.

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