ISTANBUL, October 30. /TASS/. LNG consumption globally and in Europe will grow by about 4% this year, Novatek CEO Leonid Mikhelson said at the Verona Eurasian Economic Forum.

"The LNG market typically grows by around 2% on average. Due to strong demand in Europe, consumption growth of around 4% is expected this year. In Europe, this growth will be around 4%, and consumption there will increase by 20 mln tons," he said.

The US will boost LNG exports by approximately 17 mln tons this year, Mikhelson noted. "Therefore, if the EU continues to boost demand at the same rate, there is no guarantee that even new US projects will be able to meet it," he said.

The very structure of contracts is currently changing: Europeans, for example, have almost completely covered this year's additional volumes with spot contracts, the chief executive said, adding that there is practically no 100% linkage between an LNG project and a region right now.