The Chairman of the Board of Novatek Leonid Michelson reported the stagnation of the Russian gas industry against the background of rapid growth in competing countries.
“Global trends of growth in gas consumption, unfortunately, did not affect the production of one of its key players – Russia. For 10 years the level of production has not changed. At the same time Russia has significant reserves, monetization of which is an important task,” said the head of Novatek at the V Eurasian Forum in Verona.
Over the past 10 years, the pace of market development of liquefied natural gas (LNG) has been more than three times higher than pipeline gas market, showing a 70 percent growth, he said. Competition in this market is also enhanced, stressed Michelson.
Against the stagnation in the Russian gas industry, in the US gas production has increased by 50%, in Qatar – by almost 300%, and in Australia – by more than 70%, stated the top manager.
