Putin Confident of Russian Niche in Asian Gas Market

Russian President Valdimir Putin has said that his country has every chance of securing a place in the Asian gas market despite the growing competition.

"We are thinking about entering the promising market in the Asia-Pacific region. We should find our niche here; we have every chance of doing that," Putin told journalists on Wednesday in the far eastern town of Chita, Reuters reported.

The Kremlin sees the energy industry as central to economic development of Russia's remote eastern region, driving job growth and construction of infrastructure as state-controlled companies Rosneft and Gazprom tap new fields to supply Asia, Reuters said.

Russian energy majors like Gazprom have been eyeing markets like China. Another Russian energy major Novatek signed a deal where China National Petroleum Corp. agreed to buy a stake in Novatek's Yamal LNG plant.