Russia soon to become world's biggest LNG exporter

Russia may become a global leader in terms of liquefied natural gas (LNG) production and outpace Qatar, the world's largest LNG exporter, in the midterm, with the total potential of Russian liquefied gas production considering the launch of all promising projects estimated at over 200 million tons every year, Alexey Fadeyev, Doctor of Economics, Professor of the Higher School of Production Management at the Peter the Great St. Petersburg Polytechnic University, told TASS.

"At the moment LNG production in Russia is estimated at around 33 million tons per year. Russia's government has set the task of doubling output, while the strategic task is to produce at least 100 million tons of LNG per year, which is in line or even higher than the level of LNG production by the world's leading countries, for example, Qatar. It bears noting that the total capacity of Russia's LNG potential production considering the launch of all promising projects is estimated at over 200 million tons of gas per year," he said.

The production of LNG has always played a special part in Russia's oil and gas sector, while amid a fall in supplies of Russian pipeline gas to the EU its role has risen significantly, the expert noted. The total number of LNG projects in Russia, including small-scale, currently surpasses 70, he said, adding that they operate and develop despite sanctions restrictions.

"Sanctions to be imposed against the Arctic LNG-2 project with 16.5 million tons of gas per year, which is being implemented by Novatek, were announced in late 2023. Foreign shareholders froze the participation in the project, though it does not mean that the project will not be implemented. Novatek will probably revise the LNG sales layout, and probably with delays, but the project will start operating," Fadeyev said.