Russia's yearly LNG export target of 100 million tons has been postponed.

Statements from Russian Energy Minister Novak

The Energy Minister of Russia, Alexander Novak, made important statements through the state channel Rossiya-24. He shared updates on the energy policies of the Russian state.

Siberia's Power 2 Project Continues

Novak stated that the Siberia's Power 2 pipeline project, which will transport Russian gas to China via Mongolia, is progressing. 'Our companies and partners are in the process of completing commercial agreements for gas supply. We look forward to this development,' he said.

Oil Production Targets

Emphasizing that they plan to produce 540 million tons of oil annually in the medium term, Novak added, 'We are continuing our efforts to reach the challenging reserves located in the Arctic region.'

Delay in LNG Export Targets

Novak announced that the annual 100 million tons LNG export target will be delayed by several years due to current sanctions. 'We will continue to develop LNG production. However, it will take time to reach this goal,' he stated.

Russia's LNG Facilities and Future Plans

Novak expressed that Russia is continuing the construction of LNG facilities and that this area is a critical element for energy industries.

Frozen Assets in Europe and Response Plan

Speaking about the frozen Russian assets in Europe, Novak stated, 'A plan has been prepared for this situation, and a presidential decree has been adopted to provide a symmetrical response to such circumstances.'