Russia’s Yamal LNG project expects global LNG market to face a deficit by 2018, which will open the doors for the country to a bigger share of the sector.
It is expected that European LNG imports will increase to 107 million tonnes in 2025 from 38 million tonnes in 2013, Yamal LNG said in a prospectus for forthcoming bond issue, adding that by 2020 the global LNG shortage would reach 50 million tonnes, Reuters reports.
President Vladimir Putin has urged Russian companies to increase their output of LNG in an effort to double their global market share by 2020 from around 4.5 percent currently.
The $27 billion Yamal LNG will start output in 2017 with the aim of producing 16.5 million tonnes a year by 2021. The Yamal LNG project is one of the largest industrial undertakings in the Arctic. It will eventually involve the drilling of more than 200 wells, the construction of 3 LNG trains, each with a capacity of 5.5 million tons per year, and a vast gas terminal, and the commissioning (a world first) of 16 icebreaker tankers, each able to transport 170,000 m³.
This ground-breaking project in the Yamal peninsula, to develop the huge South Tambey condensate gas field, calls on Yamal LNG’s logistical and industrial expertise in terms of managing LNG production in extremely cold conditions with the help of high-performance technologies. Total is leading the project as part of a strategic alliance with Novatek, Russia’s second-largest independent natural gas producer.
Further information about the Yaman LNG project may be found here
Also read what Reuters reports about the global liquefied gas deficit by 2018
Image Credit: Yamal LNG Project
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