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Russia Delays LNG Expansion Plans as Western Sanctions Bite, Bloomberg Reports
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Russia postponed plans to significantly increase it liquefied natural gas (LNG) output as Western sanctions continue to disrupt financing and technology access, Bloomberg reported on December 25.
Russia’s Deputy Prime Minister Alexander Novak said sanctions imposed on Moscow have derailed plans to expand LNG production to 100 million tons annually.
According to Novak, Russia had aimed to secure around 20% of the global LNG market by 2030. However, US and allied sanctions have restricted access to foreign funding and equipment and limited overseas deliveries, with the notable exception of the Yamal LNG project operated by Novatek.
Russia became the second-largest supplier of LNG to China after Qatar in November, overtaking Australia, according to Chinese customs data reported by Bloomberg. Shipments more than doubled year over year, reaching approximately 1.6 million metric tons that month.
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The Yamal LNG project, located on the Yamal Peninsula and based on the South Tambey gas field, remains Russia’s flagship LNG facility. The plant has a production capacity of up to 16.5 million tons of LNG per year and continues operating despite broader restrictions on Russia’s energy sector.
Earlier, it was reported that Ukraine and its European partners have launched two new cross-border routes for natural gas imports under the “Vertical Corridor” initiative.
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