The Gazprom Board of Directors took note of the information concerning the Company's marketing policy in the international markets of small- and large-scale LNG supplies.
It was pointed out that the LNG sector was a flexible means of optimizing the Company's trading portfolio and that the LNG marketing development represented one of the Company's core businesses.
Having entered the LNG sector in 2005, Gazprom has sold 148 LNG cargoes to 12 countries, constantly expanding its area of operations and building up supplies. In 2007 Gazprom acquired the majority stake in the Sakhalin II project, under which Russia's only LNG plant was commissioned in 2009. By developing the LNG sector, the Company expanded the range of available markets and increased its hydrocarbon export.
The current state of the global LNG market features a sustainable growth in demand by an average of three per cent a year. The positive trend may be observed, in the first place, in premium fast-growing Asia-Pacific markets. In addition, Gazprom is interested in the emerging markets of South-East Asia, South America and Middle East as well as the European markets beyond Russian gas pipeline supplies.
Against this background, in order to enhance its large-scale LNG business, Gazprom will be focused on marketing gas from new projects. In particular, the Company is looking at the possible ways to increase its supplies from the Sakhalin II project through addition of a third production train. The LNG plant in Vladivostok started selling its gas and the Baltic LNG project is under development.