According to the Russian Energy Ministry, Yamal LNG project, which commenced production in December, will enable Russia to reach its aim of expanding its share in the LNG market from 4-5 percent to 15-20 percent and thus compete with Qatar, the world's largest LNG exporter.
"I would not say it [Yamal launch] is competition, it is part of the expansion of the LNG market in general, which will benefit everybody, as the world needs gas. LNG indeed has been growing more than any other form of fossil fuels. The growth is around 45 percent, more than any other growth," Al Sada said on the sidelines of World Economic Forum in Davos, Switzerland.
The minister added that the expansion of the market both in Russia and in Qatar, which is planning to increase its LNG productions capacity by 30 percent in the next few years, was caused by the segment's good prospects and the fact that it is "clean energy."
The annual meeting of the WEF began in Switzerland earlier on Tuesday and will last through Friday.