On 30 November, Russia’s President Vladimir Putin signed into law amendments on gas exports and foreign trade that ratify rivals of the Gazprom monopoly to export liquefied natural gas (LNG).
Although the state-owned giant will continue to hold a monopoly over pipelines in Europe, the new legislation will provide opportunities for Novatek and Rosneft to instigate LNG production projects, as Russia moves towards liberalising LNG exports.
This news comes as part of the Russian incentive to double its stake in the global LNG market by 2020, up from 4.5% where it stands at currently.
The laws are effective from 1 December 2013. The Novatek-owned Yalam LNG project is set to become an independent LNG exporter. Under the new laws, companies who have been granted export projects will be expected to provide the Energy Ministry with updates and data.
Edited from various sources by Ted Monroe
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/02122013/russia_law_changes_free_up_lng_export_markets/