Russian LNG Exports up 60% in 9M
Russia ramped up LNG exports by almost 60% yr/yr in January through September, helping to mitigate the impact of lower oil and piped gas sales overseas and bearish prices on its revenues, according to data published by the federal customs service (FCS) on November 11.
The country exported the equivalent of 46.6bn m3 of natural gas in the form of LNG during the nine-month period, the FCS said. Its revenues from LNG sales soared 50.3%, to $6.25bn. The growth in volumes was thanks to Novatek’s Yamal LNG project reaching its full three-train capacity of 16.5mn mt/yr in December last year.
In contrast, volumes of Russian piped gas sold abroad fell 3.8% to 159.7bn m3, earning 12.1% less in revenues at $31.09bn. Gazprom, which has exclusive rights to Russia’s export pipelines, has faced stiff competition in Europe from rising LNG imports, including from Novatek.
Russia’s oil export revenues dropped 4% to $90.4bn in the nine months, despite a 3.3% growth in volumes to 197.6mn mt. Earnings from petroleum product sales also slumped 15.1% to $49.9bn, with volumes declining 9% to 104.9mn mt.