Russia aims to increase LNG output fivefold by 2035, says energy minister

MOSCOW: Russia plans to increase its output of liquefied natural gas (LNG) fivefold by 2035, focussing on exports to the Asia-Pacific region, Japan's Nikkei newspaper reported, citing Energy Minister Alexander Novak in an interview.

Russia plans to increase output to between 120 and 140 million tonnes a year, from around 28 million tonnes, to give it a roughly 20pc market share in 2035, Novak told the Nikkei.

If the plans succeed, Russia would be on a par with Qatar and Australia, while also being able to compete with the United States, Novak said.

Russia wants investment from Japan, the world's biggest buyer of LNG, in new projects including the planned Arctic LNG 2 development, he added.