Novatek wants to create LNG cluster with capacity of 140 mln tns

MOSCOW, Apr 5 (PRIME) -- The resource base of the Yamal and Gydan peninsulas allow Novatek to produce 140 tonnes of liquefied natural gas (LNG) per year and calls for creation of a special LNG cluster in the region, Leonid Mikhelson, CEO of independent gas producer Novatek, said on Friday at a meeting of the Energy Ministry.

“Taking into account the expected growth of the LNG market, the announced projects would allow (Russia) to maintain its market share at about 10%. We need to expand the portfolio of the projects in order to raise our share and to make it correspond to our resources. Our estimates show that the resource base of the Yamal and Gydan peninsulas alone permits production of 140 million tonnes of LNG per year,” he said.

“We are technologically ready to set these goals for us. We think that it is necessary to formalize the goal of creation of an LNG cluster with a capacity of 140 million tonnes, it would allow Russia to secure a market share of up 20%.”

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