Russia seeking greater share in int’l gas market – Putin (UPDATE 2)
Details added (first version posted on 18:49)
Tehran, Iran, Nov. 23
By Mehdi Sepahvand - Trend:
Russia's President Vladimir Putin said his country is following a number of major national plans seeking a greater share in the world gas market.
Addressing the 3rd Leaders Summit of the Gas Exporting Countries Forum (GECF) in Tehran, Putin said his country is planning a boost of LNG production to 60 million tons, meaning that Russia will share 13 percent of the world's LNG market, Trend correspondent reported from Tehran Summit Conference Hall Nov. 23.
"We are progressing to the east and to the west, to expand our network, working with Asian partners and others," he said.
Russia will also see a major boost in natural gas production under a plan according to which the country is expected to export 885 billion cubic meters of natural gas a year by 2035, the president stated.
Putin also said Russia wants to export 128 billion cubic meters of gas per year to Asian countries, including China.
Referring to the gas trade as a profitable business, Putin pointed out that Russia launched a gas exchange market last year, which is responsible for eight percent of the country's gas export.
"We are hoping that the flow of gas through that market reaches 35 billion cubic meters per year," he added.
He said the world's gas consumption is expected to reach four trillion cubic meters a year by 2040, urging all-out efforts to develop infrastructures in the areas of exploration and production to meet the increasing demand.
"Investment security should be guaranteed as another necessary measure to help the growth of gas production," he further noted.
He also said the past experience of signing long-term contracts should be given special attention to, adding that such contracts create affinity between the signatories.
Putin further noted that Russia plays a great role in providing security for gas supplies worldwide.