Russia has the potential to occupy up to 20% of the liquefied natural gas (LNG) market and up to 7% of the global petrochemical market. This was stated by Deputy Prime Minister Alexander Novak at the ceremony of starting construction of the gas processing plant of Gazprom and RusGazDobycha in Ust-Luga (Leningrad Region).
“We have every opportunity to increase our share in the LNG market up to 15-20% on the world markets, and up to 6-7% of the global markets in the oil and gas chemistry market, these are significant figures,” Novak said (quoted by Interfax ). According to him, these are “very promising” markets, and “Russia will be able to take a leading role here.”
Now, as Novak himself previously argued, Russia’s share in the global petrochemical market is 2.5%. Russian LNG, according to Leonid Mikhelson, the chairman of the board of Novatek, in 2020 occupied a share of about 7% of the global one.
The plant, at the opening of the construction of which Novak was present, according to Gazprom, should become the largest of its kind in Russia and in northwestern Europe. Its total capacity may reach 45 billion cubic meters. m per year. The plant in Ust-Luga is expected to produce 13 million tons of LNG and up to 3 million tons of various grades of polyethylene per year.
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