15:54 GMT +3 hours24 July 2016
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Russia’s Novatek Plans to Cover 7% of Global Market of LNG by 2025

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Russian gas company Novatek is aimed at increasiing its production of liquefied gas (LNG) up to 33 million metric tons, which will have consisted around 7 percent of global LNG market by 2025.

TOKYO (Sputnik) – Russian gas company Novatek aims to produce up to 33 million metric tons of liquefied gas (LNG) – around 7 percent of global LNG market – by 2025, Denis Khramov,  the chairman of the management committee of the company, said Monday.

"The overall goal is to produce 33 million tons of LNG by 2025, which, according to our estimates, will take up to 7 percent of the world market," Khramov said at a session of the “Trade and industrial dialogue: Russia – Japan” forum in Tokyo.

Last year, the Russian government approved a comprehensive plan on the development of LNG on the Yamal and Gydan peninsulas in Siberia. The project envisages construction of two LNG plants — Yamal LNG and Arctic LNG.

One of the largest industrial undertakings in the Russian Arctic, the Yamal LNG project is expected to have an annual capacity of 16.5 million metric tons of gas. Novatek is said to own 60 percent equity stake in the project.

The first Yamal LNG plant is scheduled to become operational in 2017.

Related:
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Novatek Assesses Selling 9% Stake in Yamal LNG Project - CFO
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Gazprom Sees No Need for Gas Price War in Europe Over US LNG
Tags:
liquified gas, plant, capacity, increase, Novatek, Russia
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