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Russia to challenge US LNG with 7-fold boost in production

Russia to challenge US LNG with 7-fold boost in production


Russia plans to take on the US, Australia and other major suppliers in the race to dominate liquefied natural gas production.

The nation has enough planned LNG projects to challenge the world’s top producers as it boosts annual output sevenfold by 2035, Energy Minister Alexander Novak said by email. And that doesn’t even include projects still under consideration, he said.
 
Novak’s forecast for Russia’s LNG capacity more than doubles an estimate published last month by Paris-based research group Cedigaz. Russia, the world’s largest gas exporter, has offered tax discounts to producers in its Arctic regions as it seeks to increase its influence in LNG, which last year accounted for almost a third of global exports.
 

The tax breaks “will allow LNG produced in the Far East and at Yamal to compete with foreign fuel even taking into account transportation costs from the Arctic,” Novak said.