The head of Russia’s largest liquefied natural gas producer, Novatek NVTK.MM, said on Tuesday that Arctic LNG 2’s first line would reach full capacity of 6 million tons in the first quarter of 2024, RIA news agency reported.

Russia is seeking to increase production of sea-borne LNG, which could be delivered around the world, as its gas exports via pipelines to Europe are plummeting amid political fallout from Moscow’s military actions in Ukraine.

Russian President Vladimir Putin, speaking at the Eastern Economic Forum in the far eastern city of Vladivostok earlier on Tuesday, said Russia plans to triple LNG production in the Arctic region to 64 million tons by 2030.

Novatek chief Leonid Mikhelson said his company had been in talks with India and Vietnam on LNG supplies, according to RIA.

He also confirmed that Arctic LNG 2 would start operations at the end of this year, RIA reported.

Mikhelson said the company’s natural gas output would remain at 82 billion cubic metres this year – a reversal of previous expectations for an increase of up to 2% – while production of oil and gas condensate was expected to increase by between 2% and 2.5%, RIA reported.

He also expected the company’s financial results for 2023 to surpass the level reached in 2021 by between 20% and 25%.

Novatek also plans to build a new LNG production facility, Murmansk LNG , and Mikhelson said the company would take an investment decision on that project next year.

Novatek announced plans in June to build the Murmansk LNG plant, which will have an annual capacity of 20.4 million tonnes per year. The first line at the plant could start operations in 2027.
Source: Reuters (Reporting by Olesya Astakhova; writing by Vladimir Soldatkin, Editing by Gareth Jones)