Russia to Boost Output, Aims for 13% Share in Global LNG Markets

Russian President Vladimir Putin has said that his country plans to increase its natural gas output over the coming decades while also aiming for a 13% share of the global LNG market.

Addressing the Gas Exporting Countries Forum (GECF) in Tehran on Monday, President Putin said that the country has made huge efforts in the gas market that will increase even further in the coming years.

"Russia has made huge investments in exploration, refining, and transportation of gas and holds a great share of supplying security. The country plans to increase its output to 855 billion cubic meters per year by 2035," he said.

He said that Russia plans to export 128 billion cubic meters per year of gas to Asia in future. President Putin also added that Russia is planning to produce 60 million tons of LNG annually to boost its share in LNG markets to 13%.

Describing the GECF summit, the Russian president said: "I am certain that this summit will be an important one. I think that there are many critical issues in this area and one of the issues is that gas is one of the factors for sustainable development." 

He added that close cooperation between producers and consumers of gas is one of the elements of sustainable development.

In the same speech, he described natural gas as one type of energy that is clean and cost effective and called on gas producers to utilise their resources to create necessary infrastructures. 

"We must reduce the risks for investments," he said. "The transfer of natural gas must be secured and all the consumers and the producers must play their role and we believe that new technologies are changing the gas market."