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« BackNews:

Russia ’ready To Sell LNG To Saudi Arabia’

Saudi Arabia could become a hotspot for the LNG tank gauging systems market on news Russia is ready to sell gas to the Kingdom after President Vladimir Putin launched the first loading of LNG at the Novatek-led Arctic Yamal LNG project.

Reuters reported that Interfax quoted Putin as saying to Saudi Energy Minister Khalid al-Falih that buying Russian gas will save oil reserves in the Gulf.

Russia is the world’s biggest producer of gas but the majority of its exports are via pipeline rather than LNG, however Russia is already the world’s seventh-largest LNG exporter.

“If we continue to work the way we do, we will turn from rivals into partners. All benefit from joint work,” he said.

Putin and Saudi Arabia’s King Salman agreed on joint investment partnerships worth billions of dollars when the Saudi King visited the Russian capital of Moscow in October 2017. The deals will boost the Russian economy, which has been affected by Western sanctions and low oil prices.

Saudi Arabia is the world’s biggest producer within the Organisation of the Petroleum Exporting Countries (OPEC) union. Russia and Saudi Arabia have been working together on a deal with OPEC and other producers on reducing oil output until the end of next year to put a cap on the global glut of crude supply.

The deal with Yamal - which is 20 per cent owned by Total - will help Russia to double its share of the global LNG market from its current four per cent by 2020.