Gazprom intends to capture 15% of LNG market - CEO
MOSCOW. June 28 (Interfax) - Russian gas giant Gazprom intends to capture around 15% of the liquefied natural gas (LNG) market, CEO Alexei Miller said at the company's annual general shareholder meeting.
"Our goal is to occupy around 15% of the world LNG market," he said.
Several years ago Gazprom's managers had named 25% as the target market share. That figure accounted for planned production at the Shtokman field, whose prospects were still vague at the time.
Nevertheless, Gazprom is declaring new projects with sufficiently certain prospects - the Baltic LNG plant, which will churn out 10 million tonnes of LNG, and a plant in Vladivostok that will produce 10-15 million tonnes of LNG.
"Keeping in mind the estimated production cost of the future Vladivostok plant and the short transport distances to the target markets, we can speak with confidence about the high competitiveness of this project," Miller said.
Because of the way it is traded and delivered, LNG does not limit Gazprom to any one region.
"For example, small-scale LNG might find solid demand in Europe, where natural gas as motor fuel is getting a new impulse to develop as a result of restrictions on emissions from auto transport in the European Union," Gazprom's CEO said.