Min: Russia to get 8–9% of world LNG market with Yamal LNG

MOSCOW, Apr 7 (PRIME) -- Russia’s share of the global liquefied natural gas (LNG) market will grow to 8–9% when the Yamal LNG plant reaches its full capacity, Energy Minister Alexander Novak said on Friday at a meeting of the ministry.

“The launch of the project to its full capacity in the future will allow for a more than 10% increase in exports of Russian gas and it will raise Russia’s share of the world LNG market to 8–9%,” he said. The plant’s first stage will be launched this year, he said.

Independent gas producer Novatek’s CEO Leonid Mikhelson said earlier that the Yamal LNG plant would reach its full capacity in 2019.

The project encompasses construction of an LNG plant with annual capacity of 16.5 million tonnes at the Yuzhno-Tambeiskoye field. The plant will be constructed in three stages. Novatek owns 50.1% in the project, France’s Total has 20%, China’s CNPC owns 20%, and the Silk Road Fund has 9.9%.

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