MOSCOW, June 17 (RIA Novosti) - Russian energy giant Gazprom expects exports of liquefied natural gas from the Sakhalin II project in the Far East to reach 5 million metric tons this year, a deputy CEO said on Wednesday.
"The initial plan was for 3 million metric tons, but we forecast that 5 million metric tons [of LNG] will be supplied," Alexander Medvedev said.
The official predicted last week that world markets could experience a shortage of liquefied natural gas by 2014 as some producers have delayed LNG projects due to the global economic crisis.
Gazprom estimates that despite the current economic problems, global demand for LNG will grow at an annual rate of 6-8% to reach about 500-800 million metric tons by 2030, Medvedev said on June 9.
The Sakhalin II project, in which Russian gas monopoly Gazprom holds a controlling stake, has estimated reserves of 150 million metric tons (1.1 billion barrels) of oil and 500 billion cubic meters of natural gas.
Sakhalin II comprises an oil field with associated gas, a natural gas field with associated condensate, a pipeline, a liquefied natural gas plant, and an LNG export terminal.
