Gazprom aims to launch LNG plant on Baltic in 2018

MOSCOW, June 26 Wed Jun 26, 2013 11:38am EDT

MOSCOW, June 26 (Reuters) - Russia's state-run gas producer Gazprom said on Wednesday it aims to launch the first stage of a planned liquefied natural gas plant on the Baltic Sea at the end of 2018 as it seeks a larger share of the LNG market.

The timing coincides with Gazprom's planned launch of another LNG plant in the Pacific port of Vladivostok, targeted at Asian markets.

Last week, Gazprom said will consider investing in a new LNG plant on the Baltic Sea with production of up to 10 million tonnes a year, without specifying the timeframe.

Currently, Gazprom together with Royal Dutch Shell operates Russia's only LNG plant on the Pacific island of Sakhalin with a capacity of 10 million tonnes.

The company decided to suspend plans to produce LNG from the Shtokman field in the Barents Sea due to overrunning costs. (Reporting by Vladimir Soldatkin; Editing by Anthony Barker)