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Russia’s LNG output up by 8% in 2024, exports can be cut by 5% in 2025 — IEA

The agency expects that in 2025, Russia may reduce LNG exports due to the US sanctions against the LNG plants KSNG Portovaya and Cryogas-Vysotsk

MOSCOW, January 21. /TASS/. Russia increased liquefied natural gas (LNG) production by 8% in 2024, but may reduce its exports by 5% in 2025 due to US sanctions against medium-tonnage plants in the area of the Portovaya and Cryogas-Vysotsk compressor stations (CS), the International Energy Agency (IEA) says in its report on the gas market.

"Russia’s LNG output increased by 8% (or over 3 bcm) y-o-y in 2024, with Asia accounting for around half of total Russian LNG exports," the report says.

The agency expects that in 2025, Russia may reduce LNG exports by about 5% due to the US sanctions against the LNG plants KSNG Portovaya and Cryogas-Vysotsk.

"These sanctions are likely to drastically reduce operations at these two plants as potential volumes would have a difficult time finding an import destination," the agency says.

In early January, the US Department of the Treasury added Gazprom LNG Portovaya and Cryogas-Vysotsk to the sanctions list of Novatek. Gazprom's complex in the Portovaya CS area with a capacity of 1.5 million tons includes a marine terminal that provides LNG shipment by gas tankers of various capacities, including low-tonnage ones, as well as a road shipment terminal. Cryogas-Vysotsk is the first medium-tonnage LNG production facility in the Baltic region. In 2021, the project produced 757,000 tons (38% more than in 2020), and in 2022 - 700-720,000 tons of LNG.