Rosneft CEO sees Russian LNG exports to China growing to level of pipeline gas exports

MOSCOW. Nov 29 (Interfax) - China is a promising market for Russian liquefied natural gas (LNG) exports, which in future could reach a scale that is comparable to gas exports by pipeline, the CEO of Rosneft and secretary of the presidential commission for the fuel and energy sector, Igor Sechin said.

"No less promising is the growth of Russian liquefied natural gas shipments to China. Relatively small amounts of LNG are currently exported from Russia to China, but in future the volumes of liquefied gas shipments could be comparable to shipments as part of pipeline projects," Sechin said at the fourth Russian-Chinese energy business forum in Moscow.

Russia is expected to export over 15 billion cubic meters of gas to China through the Power of Siberia pipeline in 2022, he said.

China's gas market will demonstrate the fasted growth in the world in the future, doubling consumption to 660 bcm by 2040 from 380 bcm at present, Sechin said.

"The volume of pipeline gas supplies from Russia to China will already exceed 100 bcm per year in the foreseeable future. And the potential of the Russian resource base significantly exceeds these volumes. This refers to both the gas reserves of Western Siberia, redirected from European markets, and to the extensive resource base in eastern Russia," Sechin said.

Rosneft alone has more than 2 trillion cubic meters of gas reserves in Eastern Siberia and the Far East that could potentially be exported to China, he said.