Putin: Russia will control 20% of the global LNG market

Photo: President of Russia/Twitter

By Martin Chomsky

“Russia’s LNG production is set to reach 140 million tonnes per year by 2035, putting that country in control of about 20% of the global market,” president of Russian Federation Vladimir Putin said during Russian Energy Week International Forum.

“According to expert forecasts, in the next 25 years, the share of hydrocarbons in the global energy production may fall from the current 80-85% to 60-65%,” said the Russian president. In his words, “the role of oil and coal will decrease,” but a slightly different future awaits the “blue fuel.”

“The role of natural gas, as the most environmentally friendly transition fuel, will grow and that includes the development of liquefied gas production,” Putin said at the Russian Energy Week.

He also declared: “By 2035, we expect to step up LNG production in Russia to 140 million tonnes per year, and to bolster our position in this dynamic market, taking over about 20% of the share due to low costs and competitive logistics,” Putin said.

The Russian head of state’s ambitious plans also target the petrochemical sector: “(…) in the horizon of 2035 we expect to increase our share in the global supply of petrochemical products from the current 1% to 7%,”  he stated.