ST. PETERSBURG, June 15. /TASS/. Novatek does not expect a fundamental demand growth for liquefied natural gas (LNG) in Europe, CEO of the Russian gas producer Leonid Mikhelson said at the St. Petersburg International Economic Forum (SPIEF).

"The [LNG] demand in Europe surged dramatically last year - by 60 bln cubic meters; by 68% against the prior year. However, we do not see the fundamental demand in this region further on. I believe the needs there will be covered on account of renewable sources," Mikhelson said.

The most promising region, for example, is China with the expected demand growth by 4% this year, the chief executive said. The demand is also growing in India.