Russian Authorities and Novatek to Allocate 24.3 Billion Rubles for Critical Equipment Development

Russian authorities and the gas company Novatek will allocate 24.3 billion rubles by 2030 for the development of critical equipment for LNG production. This funding volume is outlined in the 'roadmap' according to an agreement that the parties will sign on April 5, as reported by the Ministry of Industry and Trade.

Novatek's leader and co-owner Leonid Mikhelson stated two years ago about the lack of 24 billion rubles in state funding. However, the agreements reached imply equal participation of budgetary and off-budget resources.

The issue of technological independence in the LNG industry has arisen due to EU and US sanctions imposed in 2022-2023. These restrictions could impact the goal of tripling LNG production to reach 100 million tons by 2030.