MOSCOW, March 20 (UPI) -- Approval for action and work plans for a planned liquefied natural gas project on Russia's each coast top Gazprom's board agenda, the company said.
Gazprom Chairman Alexei Miller led a meeting to discuss progress of a liquefied natural gas project near Vladivostok.
Participants discussed ways to generate a long-term resource base near the plant and weighed the potential Asian capacity to take on Russian LNG.
Gazprom last week said it was interested in working with its Chinese counterparts on the LNG project planned for Russia's eastern coast.
The International Energy Agency said that, for 2010, Chinese natural gas demand was 3.7 trillion cubic and increased to almost 4.6 trillion cubic feet the following year. China in 2011 imported a combined 384 billion cubic feet of natural gas in the form of LNG.
"Based on the meeting results the approval was given to the action plan for the LNG plant construction project and the work plan for establishing the project's resource base," the company explained.
Gazprom said the project would have the capacity to produce a combined 15 million tons of LNG per year. Phase 1 of the project, slated for 5 million tons of LNG per year, is expected to go online in 2018.