Russia’s upper house approves LNG export liberalization bill

MOSCOW, Nov 27 (PRIME) -- Russia’s Federation Council, the parliament’s upper house, has approved a bill on the liberalization of liquefied natural gas (LNG), under which gas giant Gazprom will only keep a monopoly on pipeline LNG exports, RIA Novosti reported Wednesday.

State-controlled oil company Rosneft and independent gas producer Novatek earlier said they wanted to export LNG and contested Gazprom’s monopoly on the LNG market.

The bill enables companies in which the government owns more than 50% and which work offshore or companies with a license for LNG plant construction to export the gas, meaning that Rosneft and Novatek’s affiliate Yamal LNG meets the condition.

To become law, the bill must now be approved by the president.

End