Russia to be world’s top LNG producer
Reuters, quoting President Vladimir Putin, reported that Russia can and will become the world's largest liquefied natural gas (LNG) producer. Putin did not specify a time frame for reaching this ambitious goal, but said that should Russia significantly boost LNG production and exports, it could potentially upend the global LNG trade flows and exporters’ market shares within the next decade. TASS quoted the president: "Russia will be, not just capable, but will undoubtedly become the world’s largest producer of liquefied natural gas. We have all grounds to believe so, to think so, and to deliver such a result." Russia's Novatek and France's Total, along with Chinese partners, are preparing to launch the $27 billion Yamal LNG, which will be Russia's second LNG plant, this October. The LNG project in the Yamal peninsula in Siberia will have a total capacity of 16.5 million tonnes of LNG per year. This is Russia’s second LNG project along Gazprom’s Sakhalin LNG plant. Novatek’s head and co-owner, Leonid Mikhelson was quoted by Reuters as saying on Wednesday that natural gas resources in the Gydan and Yamal peninsulas could support the production of over 70 million tonnes of LNG per year. Currently, Qatar is the largest exporter of the chilled fuel in the world and produces about 77 million tonnes per annum.