Introduction

Russian President Vladimir Putin revealed his plans to triple liquefied gas production in the Russian Arctic region by 2030. He emphasized that the Arctic LNG-2 project is a unique endeavor with no parallels worldwide.

Expansion of Liquefied Gas Production

During his speech at the Eastern Economic Forum, Putin highlighted the success of the Yamal LNG project and the subsequent launch of the ambitious Arctic LNG-2 project. He stated, “By 2030, the production of liquefied natural gas in the Russian Arctic region will triple, reaching an annual output of 64 million tons.”

Creation of Liquefied Natural Gas Center

Putin also unveiled plans to establish a liquefied natural gas center in the Murmansk region of northern Russia. He asserted, “The Volkhov-Murmansk-Belokamenka gas pipeline will serve as the foundation for this new center.” The President expressed hope that Gazprom and Novatek, the Russian energy companies, will collaborate with government mediation to determine the entity responsible for constructing this vital infrastructure facility.

Arctic LNG-2 Project

In July of this year, the first phase of the Arctic LNG-2 project commenced operations. However, the Total Energy group withdrew from the project due to Western restrictions. The project, situated on the Gydan Peninsula in northern Russia, has an estimated investment cost of approximately $20 billion.

Eastern Economic Forum

The Eastern Economic Forum, scheduled from September 10 to 13, 2023, will take place in Vladivostok at the Far Eastern Federal University. This event serves as a platform to attract investment to the Far Eastern region of Russia and enables participants to discuss economic challenges faced by both Russia and the world.

Source

Source: RT