Gazprom to Focus on Global LNG

Gazprom is increasing its focus on LNG supply worldwide, a statement from the company has said.

In a meeting yesterday, the Board of Directors discussed measures related to the company increasing LNG production and supply to both the local and global markets. As part of its strategy on LNG, the company will seek to expand LNG in its export portfolio, thus increasing its LNG sales, through production and supply of the resource from the Russian Far East and the currently stalled, massive Shtokman LNG project. It would also seek to expand into various LNG projects in foreign markets to increase its standing on the LNG market through the sale of LNG from those projects. 

The company yesterday had already identified at least one potential foreign avenue for supply of LNG. Late yesterday afternoon, the company's Chairman Alexey Miller also met with CEO Argentinian company YPF, of Miguel Galuccio, to discuss the supply of LNG to Argentina. No further details were given.

YPF said after the meeting that the discussion had been a positive one and tied in with company's current expansion plans.

"It was a positive meeting and another open door to advance with the ambitious goals we have set forth in our plan," Mr. Galuccio said. "Gazprom is the most important gas company in the world and we've found common points to quickly explore collaboration."