Putin: Russia plans to expand LNG production to 120–140 mln tns

MOSCOW, Oct 2 (PRIME) -- Russia plans to expand its production of liquefied natural gas (LNG) to 120–140 million tonnes per year until 2035, President Vladimir Putin said on Wednesday at the Russian Energy Week forum.

“The low cost of production and attractive logistics put Russian LNG projects amongst the most competitive in the world and allow us to count on a long-term growth of our share of this dynamic market. Until 2035, we plan to reach the level of LNG production of 120–140 million tonnes,” he said.

Putin reiterated that the Nord Stream-2 pipeline, a second export natural gas pipeline from Russia to Europe running on the bottom of the Baltic Sea, is a purely commercial deal.

“Russia ensures stable, consistent gas supplies in the European direction. We continue implementation of large infrastructure projects like the TurkStream, the Nord Stream pipelines. We’ve finished the sea part of the TurkStream, we are doing on-land works. The Nord Stream-2 is going on on schedule…I will again stress out that these projects are implemented together with European companies and are purely commercial,” he said.

During the forum, he met with OPEC Secretary General Mohammed Sanusi Barkindo to discuss the impact of global instability on the energy market, and Putin called upon the market players to use all mechanisms possible in order to balance the market, he said.

Other countries and Russia are doing everything they can to ensure balance of demand and supply on the energy market.

“As you know, Russia has always been a very responsible player of the global market. We do everything to balance demand and supply together with you, to create favorable conditions for improvement of the global economy for consumers and for improvement of the sector itself,” he said.

“You and we are reliable people, and we think about how the world and global economy develop, and we also mean renewable energy sources,” Putin said.

The oil prices returned to the level before the attack on Saudi Arabian oil facilities, as there are no fundamental factors for serious changes in the oil prices now thanks to cooperation between Russia and OPEC. Moscow complies with its obligations under an oil output reduction deal of OPEC and non-OPEC states, and hopes that all participants of the deal will be consistent in their compliance as well, he said.

Russia is open to constructive cooperation with other countries in the energy sphere, he added.

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