News / Business

Russia eyeing Qatar’s LNG crown

Sunday, 25 June 2017 6:03 AM [ Last Update: Sunday, 25 June 2017 11:42 AM ]

Russian gas operator Novatek says it has ambitious plans to topple Qatar as the world’s biggest exporter of liquefied natural gas (LNG).

Russian gas operator Novatek says it has ambitious plans to topple Qatar as the world’s biggest exporter of liquefied natural gas (LNG).

"We have huge ambitions to be just as large as Qatar is as one country, but as one company," said Novatek’s Chief Financial Officer Mark Gyetvay.

Gyetvay said his company was specifically counting on a large-scale LNG project called Arctic LNG 2, adding that Arctic LNG 2 would transform Novatek into a top global producer within a decade.

Gyetvay, who was speaking in London on the sidelines of an energy forum, added that Novatek would start exporting LNG from the first phase of the ongoing Yamal project towards the end of this year.

He added that Novatek might bring forward the final stage of the development of Yamal – which is situated far above the Arctic circle – by six months, Reuters reported.

Qatar and Russia have long been rivals in global gas markets. Qatar's supplies came under the spotlight in the past month after Saudi Arabia cut economic and diplomatic ties, in a move ratcheting up a wider violent and diplomatic conflict in the Middle East, Reuters added.

Qatar is by far the largest exporter, selling 77.2 million tonnes of the liquefied gas and accounting for just under 30 percent of market share in 2016.

Russia that year was seventh with exports of 10.8 million tonnes and a 4 percent market share. The Yamal project, once all stages are complete, will export an additional 16.5 million tonnes, which would put Russia, already the world's largest crude oil exporter, in third place just below Australia, Reuters added.

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