"Strategic goal is to generate at least 100 million tons of LNG annually, which is on par with or even higher than the amount of LNG produced by the world's top nations, such as Qatar, while the Russian government has set a target of tripling output"

Russia might surpass other countries and take the lead in the world in producing liquefied natural gas, or LNG. According to Alexey Fadeyev, a doctor of economics and professor at the Higher School of Production Management at the Peter the Great St. Petersburg Polytechnic University, the potential for Russian liquefied gas production, given the start of all promising projects, is estimated to be over 200 million tons annually by the middle of the next decade, making Qatar the largest LNG exporter in the world. This information was provided to TASS.

Currently, Russia is thought to produce about 33 million tons of LNG annually. The strategic goal is to generate at least 100 million tons of LNG annually, which is on par with or even higher than the amount of LNG produced by the world's top nations, such as Qatar, while the Russian government has set a target of tripling output. It is important to note that, when all attractive projects are launched, Russia's overall potential for producing LNG is anticipated to be more than 200 million tons of gas annually," he said.

Although the production of liquefied natural gas has always been important to Russia's oil and gas industry, the expert pointed out that its significance has increased in light of the decline in Russian pipeline gas exports to the EU. He claimed that there are already more than 70 LNG projects in Russia, including small-scale ones, and that these projects continue to grow in spite of the limits imposed by sanctions.

"In late 2023, sanctions were announced to be placed against Novatek's Arctic LNG-2 project, which produces 16.5 million tons of gas annually. Although involvement in the project was suspended by foreign shareholders, this does not imply that it will not proceed. The project will begin operations, although Novatek is likely to make revisions to the LNG sales arrangement, maybe with delays," Fadeyev stated.