Hot topics | Coronavirus pandemic

The Growth Of LNG Exports From Russia In 2023 Is To Reach 37.8 Million Tons

The Growth Of LNG Exports From Russia In 2023 Is To Reach 37.8 Million Tons

LNG exports from Russia in 2020 will amount to 29.7 million tons, and in 2023 will grow to 37.8 million tons, according to a three-year forecast published on Saturday by the Ministry of Economic Development.

The forecast is developed in two versions – basic and conservative. The basic version describes the most likely scenario for the development of the Russian economy, taking into account the expected external conditions and the economic policy measures taken. The conservative version is based on the assumption of a less favorable sanitary and epidemiological situation in the world. It assumes a prolonged recovery of the global economy and a structural slowdown in its growth in the medium term due to the effects of the coronavirus.

According to the Ministry's baseline forecast, Russian LNG exports will reach 30.3 million tons annually in 2021 and 2022, and will grow to 37.8 million tons in 2023.

In the conservative forecast, LNG exports in 2020 are expected, as in the baseline, at the level of 29.7 million tons. In 2021, in this version of the forecast, LNG exports will amount to 29.9 million tons, in 2021 — 30.3 million tons, in 2023 — 36 million tons.

In 2019, LNG exports from Russia amounted to 29 million tons.

"The development of the gas industry primarily depends on the volume of gas consumption. In the medium term, after the stage recovery of both the Russian and global economy. The domestic gas market will stabilize, and by 2023 will be 510.8 billion cubic meters, and maintaining demand in the foreign market (including taking into account the capacity of the Power of Siberia gas pipeline) will provide gas exports will reach 240.5 billion cubic meters by 2023. LNG exports by 2023, it will increase to 37.8 million tons."

You may also like: