RUSSIA WANTS 13%
Russian President Vladimir Putin has said that his country plans to increase its natural gas output over the coming decades while also aiming for a 13% share of the global LNG market.
Addressing the Gas Exporting Countries Forum (GECF) in Tehran on Monday, President Putin said that the country has made huge efforts in the gas market that will increase even further in the coming years.
"Russia has made huge investments in exploration, refining, and transportation of gas and holds a great share of supplying security. The country plans to increase its output to 855 billion cubic meters per year by 2035," he said.
He said that Russia plans to export 128 billion cubic meters per year of gas to Asia in future. President Putin also added that Russia is planning to produce 60 million tons of LNG annually to boost its share in LNG markets to 13%.
Describing the GECF summit, the Russian president said: "I am certain that this summit will be an important one. I think that there are many critical issues in this area and one of the issues is that gas is one of the factors for sustainable development."
He added that close cooperation between producers and consumers of gas is one of the elements of sustainable development.
In the same speech, he described natural gas as one type of energy that is clean and cost effective and called on gas producers to utilise their resources to create necessary infrastructures.
"We must reduce the risks for investments," he said. "The transfer of natural gas must be secured and all the consumers and the producers must play their role and we believe that new technologies are changing the gas market."
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BLOOMBERG - While Europe as a whole gets more than a third of its gas from Russia, that share is lower in the U.K., which receives the bulk of its fuel from North Sea fields and Norway. Still, Moscow-based Gazprom PJSC was the second-biggest supplier to major industrial consumers in the U.K. last year, according to Britain’s energy regulator Ofgem.
FT - of the six LNG tankers that have made deliveries into the UK so far in 2018 three have carried cargoes originally from Russia, leading to questions about whether Moscow was gaining a foothold in the UK gas market after starting up the Yamal LNG facility in Siberia late last year.
REUTERS - So far this year, two Yamal cargoes unloaded at British terminals for domestic consumption, accounting for about a third of Britain’s 2018 LNG imports after typical supplier Qatar pre-sold the bulk of its winter output to Asia last year.
REUTERS - U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $60.77 a barrel at 0753 GMT, up 6 cents, or 0.1 percent, from their previous settlement. Brent crude futures LCOc1 were at $64.62 per barrel, down just 2 cents from their last close.