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GAZPROM

December 14, 2005

Customs duty on liquefied natural gas exports lifted

The Interdepartmental Commission for Foreign Trade Protection and Customs Duty Policy yesterday reviewed a petition by Gazprom to lift the 40EUR/1,000kg customs duty on liquefied natural gas exports, passing a unanimous vote for the RF Government to endorse a zero rated customs duty on Russian LNG exported beyond the Customs Union member-countries.

The above decision is a strong impetus for Russia to make abundant investments into a cardinally new production process and gives foreign investors a clear picture of the government’s stance on the matter. Implementing LNG projects will allow Russia to shortly diversify its energy export portfolio and enter new sales markets in the US and Asia Pacific.

Reference:

Liquefied natural gas is a cryogenic liquid (-1610C) representing a multi-component chemical blend with the prevalence of liquid methane.

LNG is highlighted by route diversification options, supply flexibility and convenient transportation by carriers (liquefied gas occupies only 1/600th of its gaseous volumes), which allows to adapt to the global market volatility. For the time being LNG sales account for 27.4 per cent of the total worldwide trading in natural gas (some 180 bcm over 2004), which is the equivalent of Russian gas exports per year.

Russia currently doesn’t produce LNG on an industrial scale, with Sakhalin-2, which is the only LNG project implemented in Russia under the PSA terms, being operated by foreign investors.

The Shtokman gas condensate field development is a Gazprom top priority project to be implemented with the use of gas liquefaction technologies. The Baltic LNG project is also a potential business in the Russian LNG sector.

 

 

 

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