Russian LNG would be competitive at $3.7-$7 per 1 million BTU | Reuters

Russian LNG would be competitive at $3.7-$7 per 1 million BTU | Reuters

Future liquefied natural gas (LNG) projects in Russia would be competitive at $3.7-$7 per 1 million British thermal units (BTU), based on the country’s state LNG development plan.

Russia would compete with Qatar, Australia and the United States for customers in Asia, its target market, up to 2030, and their production costs are seen at $2.8-11 and $7-10 per 1 million BTU, respectively, the plan showed.

Russia plans to increase its LNG production to nearly 140 million tonnes LNG per year by 2035 from around 31 million tonnes last year and aims to have about 20% of the global market share by then.

It targets new projects in Arctic and Russia’s far east to expand beyond existing LNG plants on the Yamal peninsula and on the Sakhalin island in the Pacific Ocean, looking to Asia as its core market to avoid competition with its pipeline gas in Europe.