Gazprom wants bigger stake in LNG market

Gazprom wants 15 percent stake in global LNG market.
By Daniel J. Graeber Follow @dan_graeber Contact the Author   |   March 27, 2014 at 8:21 AM

Russian energy company Gazprom said it aims to seize 15 percent of the global market share of liquified natural gas within the next 15 years.

The Gazprom board of directors met in Moscow to observe emerging trends in the global energy sector. The company since entering the LNG market in 2005 sold cargoes to a dozen different companies and expanded its footprint in the sector with its Sakhalin project in the Far East.

Early this week, Gazprom Chairman Alexei Miller said his company was eager to expand its LNG relationship with Kuwait. With global LNG demand expected to grow steadily, Gazprom said Wednesday it aims to take advantage of the emerging market trend.

"A gradual increase in LNG output will allow Gazprom to seize a 15 percent share in the global market by 2030," the company said.

Russia's annexation of the Crimean peninsula has sparked Western fears over Moscow's regional influence. Europe gets about a quarter of its gas from Russia and the bulk of that runs through the Soviet-era transit network in Ukraine.

U.S. Sen. Mary Landrieu, D-La., chairwoman of the Senate Energy Committee, said more U.S. LNG on the international market could counter Russia's influence.

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