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LNG: Russia’s Short-Term LNG Ambitions Depend on Arctic LNG Ramp Up

LNG
Energy BulletsBulletPower BulletsCommodities

Russia’s plan for higher LNG exports depends on loadings from the sanctioned Arctic LNG 2 facility, Bloomberg said.

  • Moscow’s 2024 LNG export target is 35.2m mt, according to its Economy Ministry’s base-case scenario seen by Bloomberg, up 1.9m mtpa on 2023.
  • Two LNG facilities - Sakhalin and Yamal - already operate above capacity, requiring a ramp up from sanctioned Arctic LNG 2.
  • The US sanctioned both Arctic LNG 2, and any associated tankers.
  • All tankers serving the facility so far are also not ice-class, thus unable able to take shipments above the polar circle outside summer navigation season.
  • Russia’s LNG target for 2025 is 40m mt and then 45.2m mt for 2026. This would require the launch of the second train from Arctic LNG 2, raising plant capacity to 13.2m mtpa.
  • By 2030, Russia is looking to export 103.2m mtpa of LNG, requiring even more significant expansion.
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Russia’s plan for higher LNG exports depends on loadings from the sanctioned Arctic LNG 2 facility, Bloomberg said.

  • Moscow’s 2024 LNG export target is 35.2m mt, according to its Economy Ministry’s base-case scenario seen by Bloomberg, up 1.9m mtpa on 2023.
  • Two LNG facilities - Sakhalin and Yamal - already operate above capacity, requiring a ramp up from sanctioned Arctic LNG 2.
  • The US sanctioned both Arctic LNG 2, and any associated tankers.
  • All tankers serving the facility so far are also not ice-class, thus unable able to take shipments above the polar circle outside summer navigation season.
  • Russia’s LNG target for 2025 is 40m mt and then 45.2m mt for 2026. This would require the launch of the second train from Arctic LNG 2, raising plant capacity to 13.2m mtpa.
  • By 2030, Russia is looking to export 103.2m mtpa of LNG, requiring even more significant expansion.