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Putin expects global LNG demand to grow to 600 mln tons by end of decade

The Russian leader pointed out that there will be more competition in the LNG market and that plans to "double the total production capacity" have already been announced

MOSCOW, October 11. /TASS/. By the end of the decade, global demand for LNG (liquefied natural gas) may reach 600 mln tons, and there will be more competition in this market, Russian President Vladimir Putin stated during the plenary session of the Russian Energy Week.

"Liquefied natural gas holds a significant position in the worldwide energy market. Its supplies are less dependent on any one customer and they can react to shifting market conditions with greater agility. LNG receiving terminals will be operational in 55 countries by the end of the year, and global LNG demand is expected to rise by approximately 1.5-fold by then, reaching up to 600 mln tons annually, according to estimates," stated Putin.

He pointed out that there will be more competition in the LNG market and that plans to "double the total production capacity" have already been announced. "Russia has ambitious plans in the LNG sector as well. Its output is expected to triple, reaching 100 mln tons annually, within the next ten years. The planned investment volume exceeds 6 trillion rubles," he said.

Putin noted that it is critical for Russian projects to be able to take advantage of their competitive edge in the market, especially through effective logistics. "This, among other things, is the potential of the Northern Sea Route, as we all know well, and of those new ports and transport hubs that we are developing in the Arctic," he said.

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