Russia's Ambitious LNG Expansion Plans Hindered by Sanctions and Tanker Shortage
Russia is aiming to increase its share of the liquefied natural gas (LNG) market to 20% by 2030, but its plans face challenges due to sanctions and a shortage of ice-class LNG tankers. The sanctions and disruptions, such as a force majeure declaration by Novatek, a top LNG producer, have delayed the delivery of commercial LNG supplies from the Arctic LNG 2 project. Additionally, the Northern Sea Route across the Arctic Ocean, which Russia intends to use to supply LNG to Asia, presents challenges due to thick ice and freezing conditions.
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Russia is aiming to increase its share of the liquefied natural gas (LNG) market to 20% by 2030, but its plans face challenges due to sanctions and a shortage of ice-class LNG tankers.