Tuesday, July 23, 2019

Russia's Novatek Sees LNG from U.S. as its Threat

January 25, 2019

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Leonid Mikhelson, the head of Russia's Novatek (NVTK.ME) said on Friday that liquefied natural gas (LNG) from the United States as its chief threat, Interfax news agency reported.

He said, according to Interfax, that LNG production in the U.S. enjoys cheap financing, while LNG production in Russia has a competitive edge thanks to its low production costs.

Qatar is the world's biggest LNG producer.

Energy companies are flooding Europe with U.S. natural gas, establishing a foothold in a market dominated by Russia and seen as a key battleground in Washington's efforts to curb Moscow's energy influence.

(Reuters, Reporting by Maria Tsvetkova and Vladimir Soldatkin, editing by Louise Heavens)

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