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Gazprom reviews LNG strategies

Oct. 17, 2012 at 9:15 AM   |   Comments

MOSCOW, Oct. 17 (UPI) -- Russian energy company Gazprom announced its board of directors was examining ways to increase the production of liquefied natural gas.

Gazprom said presidential advisers and Russian Deputy Energy Minister Pavel Fyodorov took part in a high-level meeting with the company's board of directors.

"The board of directors considered the information on the long-term gas production and consumption scenarios, as well as the measures on increasing Gazprom's LNG production and supplies to the domestic and foreign markets," the company said in a statement.

Gazprom said it expected global demand for natural gas to increase by as much as 2 percent per year, with Asia-Pacific economies accounting for the bulk of new demand. China, the company added, could be on equal demand footing with Europe by 2030.

Gazprom early this month signed a long-term contract to deliver LNG to India's state-controlled GAIL (India) Ltd. under the terms of a 20-year deal.

"By implementing its LNG production and supply strategy, Gazprom will strengthen its positions of the largest hydrocarbon feedstock supplier in the global gas market," the company stated.

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