Deputy Prime Minister Alexander Novak took part in the online presentation of the Long-Term Forecast for the Gas Industry Development for the period up to 2050 under the Gas Exporting Countries Forum (GECF).
The GECF member countries retain their leading role in the global gas market: 19 member countries of the association account for 71% of proven natural gas reserves, as well as about 53% of pipeline exports and 57% of liquefied gas supplies, the Deputy Prime Minister emphasized.
“Thus, the GECF is entrusted with a key role in shaping further vectors for the gas industry development, elaborating mechanisms to ensure the stable and safe functioning of the gas market. Interaction within the GECF framework is one of the priority areas of Russia’s foreign energy policy”, noted Alexander Novak. According to the Deputy Prime Minister, over the next decade, global consumption of natural gas is expected to increase by 15% compared to 2019 and will amount to more than 4.5 trillion cubic meters by 2030. As the Deputy Prime Minister stressed, about 70% of this increase in demand will come from the Asia-Pacific countries and North America. At the same time, the share of gas in the global energy balance may grow to 28%, while the LNG market may double.
In this regard, Russia has one of the most significant development prospects in the world market as a country producing the most promising and environmentally friendly type of hydrocarbon fuel.
“Our potential in the LNG market is also growing – by 2035 we intend to increase the production from the current 29 million to 120-140 million tons of LNG per year. At the same time, we are also paying considerable attention to expanding the use of gas as a vehicle fuel. I am confident that the development and deepening of our cooperation will directly contribute to the development of the GECF, this will allow to increase the level of confidence on the part of the international energy community, as well as to position natural gas as a modern and clean fossil fuel”, the Deputy Prime Minister emphasized.
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