Novatek's Yamal liquefied natural gas (LNG) project will increase Russia's global natural gas exports by around 10 %, Russian Deputy Energy Minister Anton Inyutsyn said on July 12, 2017.
Speaking at the World Petroleum Congress, Inyutsyn told Anadolu Agency that Russia ranks 1st in gas exports globally.
He added that next year, Novatek's Yamal LNG project will become operational.
«It will rise and add around 10 % more gas to our exports globally. Maybe other companies will raise this capacity further in future apart from Novatek,» he said.
He explained that transport logistics differentiate LNG and pipeline gas. «If you transport natural gas to more than 3,000 kilometers, then it is more profitable to send it as LNG, but if it is less than 3,000 kilometers, it's better to send it by pipelines,» he explained.
Novatek holds a 50.1 % share in the Yamal LNG project while Total and China's CNPC each hold a 20 % stake while the Chinese Silk Road Fund has a 9.9 % share interest.
The Yamal LNG terminal, which plans to have an output capacity of around 16.5 million tons per year, is expected to be operational by 2018.
The Russian minister also spoke about the Turkish Stream project and reiterated Novak's remarks that 50 kilometers of the project have already been completed. The project has just started and it will be completed in 2019, he said.
He also responded to a question about the next OPEC, non-OPEC meeting on July 24, and said that it would be incorrect to speculate on the outcome before negotiations, but said that a decision following talks would be announced at the meeting.
Author: Murat Temizer
